Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E The Shakespeare Globe Trust Annual Report and Financial Statements 2025 Annual Report and Financial Statements for the year ended 31 October 2025 Registered company nurnber: 1152238 Registered charity number: 266916 Registered office- 21 New Globe Walk. London SE19DT Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E Trustees, Executives and Advisers HONORARY PRESIDENT Zoe Wanamaker C8E STATUTORY AUDITORS TRUSTEES Chair Darne J8yne-Anne Gadhia OBE CVO FRSE Cro￿￿ U.K LLP 55 Ludgate Hill London EC4M 7JW Deputy Chalrs Sandeep Dwesar Iresigneall, opens Summer 2026. In preparation we have prepared 7,000 books and 1,800 boxes of archive materials ready for their new home. The centre will offer unparalleled activities and experiences redefining how students. researchers, artists, and the public engage wrth Shakespeare and performance-based research. We remain hugely thankful to the generous donors and foundations allowing Ihis work lo come to lrfe. Donations towards Research & Collections will be doubled thanks to a generous anonymous donor who will match gifts from our public fundraising appeal. THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E srpATEGIC REPORT INSPIRING THE NEXT GENERATION We work to introduce families to Shakespeare wlth activities created especial￿ for younger audiences, and this year 23% of our theatre audiences were families. From shows and storytelling sessions to workshops and family tours over 300 events and performances were designed and delivered for families. Our half-price tickets for kids for Guided Tours and some Family shows offers affordable entry points for all. We worked with schools in every one of the 32 London boroughs. and from 51 different countries, with over 100,000 students coming to the Globe for a school visit. Over 26,000 tickets were given forfree to school chikdren attending our Playing Shakespeare with Deutsche Bank project. We hosted an event on the English curriculum We have worked lo enhance the classroom skills of 1.300 teachers across the UK with our CPDS, led by expert Globe Practitioners. In further development of young people's engagement with Shakespeare. Globe Youth Theatre welcomed 125 young people to lake part, 94010 of whith said that they feel more Confident since joining. OUR GLOBAL REACH Shakespeare's Globe is inlernationalty recognised and home to of the most unique theatres in London. The historically accurate ￿plica of the Globe Thealre, for which Shakespeare wrote many of his plays, and London's onw candlelit Ihealre, the Sam Wanamaker Playhouse. Our visrtors across Ihe year came from 149 countries, amounting to 39,/0 of our total visitors. CEO Stella Kanu was appointed to the panel for the Govemment's Arts Council England Review 2025, led by Baroness Margaret Hodge. The review. published in December 2025, states that the Govemment must retain the Arts Council. This powerful new review works to support the arts sector, and particularty calls for expanding investment tools into repayable grants, equity, and impact funds lo support sustainable growth. It also recommends reviving approaches to philanthropy with a National Strategy. Our Shakespeare-on-demand seTvice'Globe Playerf allows userslo stream iconic productions from anywhere around the wodd. Our world-class productions were watched by 14,000 people, from 118 countries. THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E srpATEGIC REPORT Our retail and catering operations have broughl £3.1million to support our charitable objectives. Products are shipped worldwide. and this yearwe released our first ever cookbook, best-selling Much Ado About Cooking. connecting global home cooks wrth Shakespeare in unexpected ways. AWARDS Both on-stage and off-slage work has resulted in multiple award wins and nominations, including.. BAFTA for Children's Scripted - CBeebies l As You Like It Black British Theatre Award - Best Playwright frjr Anne Odeke,. Best Choreographer or Movement Director for Ingrid Mackinnon Theatre Book Prize - Wll Tosh I Slraighl Acling.. The Hidden Queer Lives of William Shakespeare School Travel Award for Besl Venue for English Leaming 2025 (second year in a rowl Olivier Award Nomination- Best Famity Show 2025 Rough Magic lan Charleson Award Nominations - Ralph Davis, Oli Higginson, Nadeem Islam, Francesca Mills PARTNERS We partnered with over 40 organisations to expand access to Shakespeare, reach new beneficiaries and curate essential conversatw)ns about the wodd we live in, including.. Ark Schools | Backstage Niche | Barnes Chiklren's Lileralure Feslival l BECTU | Bloomberg Philanthropies l Bromley Libraries Project | Clear Company I COP301 Dance Umbrella I Deulsche Bank | English-speaking Union | Equity | Exeter Northcote Theatre | Fuse Theatre | Get Inlo Theatre | Go Live Theatre | Hear the Picture l High Tide | King's College London I Lyric Springboard | Masterclass Theatre Trust | MUBI l Open Door | Oxford School of Drama | Oxford University Press | Poelry by Heart I Projekt Europa l RADA | Ramadan Tent Projecl I Rutgers Universty | SET Studienreisen I South Bank Technical Academy | Splendid Productions | Stagetext | Theatre Craft l Tonic Theatre | VocalEyes | Washington Hebrew Congregation | Wellbeing in the Arts | World Health Organization | Zelt This data is drawn from 1 November 2024- 31 October 2025 10 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E srpATEGIC REPORT PEOPLE We continue to employ a highly skilled and competent workforce including 305 permanent employees, 87 casual workers. over 400 freelancers throughout the year. and 683 volunteers continue to support our operations. Our gender pay gap remains minimal with the mean average at 04A and the median average of 2Wr>. The average tenure of our employees at 3.1 years wtth a much reduced turnover of 20,10. We have recruited 76 employees over the year across 43 recrurtment campaigns. Our volunteers donated 36,100 hours, which equates to £534,280 when compared to the London Living Wage rate. Globe leadership and employees focussed on inclusion across the years with particular attention on anti-racism and acLYss activities such as attending workshops and discussions, strategy groups, action groups, and staff affinity groups. We continue lo offer benefits such as cycle loans, rental deposit loans, free tickets to Globe shows, pension contribution, wellbeing and an employee assistance programme, discount platform, enhanced holiday, maternity, paternty and sick leave, and life assurance. THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E FINANCLAL REVIEW Financial Review INCOME Total income for the financial year was £31,485k (2024.. £28.846k), of which £2,161 k was restricted {2024'. £750kl. This represents a strong increase in incnme compared with the prior year, refiecling higher levels of activty alongside increased fundraising and project-spe¢ifi¢ funding. £'ooo 25,000 20.000 15.000 10,000 5,000 Donations and Govern￿rrt grants and Support Tradirg ac*wbe$ Chanta￿e Activit Other Income Interest re￿Ivable 2023rd4 •2024125 Income from donations and legacies increased to £3.125k 12024.. £990k}, reflecting a successful year for philanthropic support. Restricted income also increased significantly year on year, largety driven by funding received in sUp￿rt of specific capital and education projects, including the ongoing Research & Collections programme. Income from charitable activities remained the Globe's largest income stream at £23,173k 12024.. £22,574kl, demonslraling continued audience demand across the organisalion's core programmes. Charrtable activity income comprised.. theatre and perfomiance income of£16,823k {2024'. £15,723k) education activities of £2.915k {2024'. £3,091 k) guided lour adNities of £3.328k (2024.. £3,604k) membership and related income of £107k {2024.' £156k). Income from trading activities iemained stable at £4,324k {2024'. £4,519kl. Interest receivable amounted to £695k (2024.. £706kl. reflecting the continued active management of cash and short-term investments in a higher interest rate environment. 12 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E FINANCLAL REVIEW Overall, the income profile for the year refiects a resilient and drversrfied funding model, combining earned income, fundraising. restrided project funding and piudenl treasury management. EXPENDITURE Total expenditure for the year was £27,711 k12024= £27.719k). Desprte ongoing inflationary pressures across the sector, overall expenditure remained broadly cnnsistent with the prior year, reflecting careful cosl control while maintaining delivery across all areas of activity. Expenditure continued to be [￿￿Se￿ on people, pyogrammes and the estate.. 48 /0 of lolal expenditure related to staff costs (2024.. 46.10) 19°h related to building operations. induding depreciation {2024.' 19%) 18•h related to operational costs {2024'. 200A) 15¥0 related to administration and other support costs {2024.' 15°hl. Inflationary p￿ssu￿S continued lo affect a range of cosl categorEs, including materials, freelancers, professional seNices and utilities. These pressures were managed through close financial oversight, priorilisation of aclivty and disciplined procurement, enabling the Globe lo continue delivering its charitable objectives within a controlled cost base. BALANCE SHEET AND FINANCIAL POSITION The Group T￿orded a surplus for the year of £3,770k 12024.. £1.112k), resulting in an increase in totsl net assets to £43,099k {2024.' £39,329kl. Al 31 October 2025, flxed assets totalled £39,535k {2024.' £34.548k}. reflecting continued investment in the Globe's estate and capital programmes, including tangible fixed assets and fixed asset investments held. Current assets amounted lo £11,934k (2024.. £13,629kl, including cash balances of £6,622k12024. £5,229kl. During the year, the Truslees conlinued lo manage liquidty aclively, hokling funds across a mix of cash and short-temi inveslment instruments. Inveslment balan￿$ in¢￿ased during the year, primarily within fixed assel investments, to balance a￿sSIbIlIty, risk and relum while ensuring sufficient cash was available to meet operational and capital requirements. Creditors falling due within one year amounled to £5,529k {2024= £5,509k), wrth longer-term creditors of £2,841 k (2024. £3,339k), induding the remaining balan￿ of a Govemment loan received under the Culture Recovery Fund. 13 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E FINANCLAL REVIEW While the year end balance sheel reflects a strong and stsble position, this should be viewed alongside Ihe demands associated with the capital project, which is now moving into its delivery phase. The project will place increased pressure on cashflow and reserves over the coming period, requiring continued discipline in planning, phasing and cash management. Maintaining sufficient headroom against our free rese￿e$ policy, wuencing designated funds lo match capital oufflows, and aligning operaling surpluses and fundraising to longer term commrtments will be essential to sustaining organisational resilience as we progress through delivery. This ensures we protect our day to day operating capacity while meeting the strategic investment needs of the estate. FUNDS AND RESERVES The net assets position at 31 October 2025 primarity comprises the fixed asset reserve and restricted income funds, reflecting long-tem investment in the Globe's estate and the delivery of donor-funded activity. Unrestricted funds available for general use (free reserves) lolalled £6,103k at 31 octo1￿r 2025 12024.. £5,579kl. In addition. the Trustees held £8.500k in designated funds 12024.. £6,OOOkl, representing unrestricted funds set aside for specific future purposes. During the year, Trustees increased designations by £2,500k representing a further strengthening of the Capital Investment Fund, which increased lo £8,500k12024'. £6.OOOkl lo support longer-term capital infrastructure commitments. The Globe adopts a risk-based approach lo setting its reserves policy, taking into account working capital requirements. budgets, cash-flow forecasts. longer-term financial plans and the timing of major income and expenditure flows. The Trustees, policy is to maintain free reserves equivalent to at least three months of normal expenditure, which at 31 October 2025 equated to circa £7,OOOk, based on the approved 2025126 budget. At the year end, free general reserves of£6,103k were bebw this benchmark. In reaching their assessment. the Trustees considered forecast cash flows, planned activity levels, the level of designated reserves held for future commitments, and the continued availability of mitigations to manage short-temi financial pressures. On this basis, the Trustees were satisfied that reserves held at the year end were appropriate in Ihe conlext of the Globe's overall financial posttion and risk profile. The Trustees recognise the Importan￿ of maintaining free reserves in line with policy over the medium term and have therefore considered the Irajeclory of resetves as part of the Globe's forward financial planning. Future operating surpluses are budgeled to support the 14 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E FINANCLAL REVIEW rebuilding of free reserves alongside planned increases to designaled funds for major capital requirements, including eslale mainlenall￿ and business continutty risks. While designated funds are held for s￿CIfiC purposes. they provide an additional source of financial flexibility in exceptional Circumstan￿S. The Globe continues to operate within a strategic framework designed to rebuild and maintain long-term financial resilien￿. supported by robust budgeting. cash-flow forecasting and scenario planning. GOING CONCERN The Tnjslees and Directorate recognise that Shakespeare's Globe operates wrthin a complex and evolving external environmenl, shaped by macroeconomic uncertainty, inflationary pressures, and the operational demands of running a major cultural and visilor-led venue. These fadors present both Tisks and opportunities as Ihe Organisation navigates the next phase of its strategic development. In fomiing their assessmenl of going concern, the Trustees have considered detailed budgets and cash-flow projections covering a period of al leasl 12 months from the dale of approval of these financial statements. The Globe's 202>2030 Strategic Plan providès additional context for this, outlining a bold five-year initiative focused on transformation and investment to securè lasting financial slabilty and strengthen mission impact. The Strategic Plan marks thè transition from post-pandemic stabilisation to a peri￿￿ of purp)seful growth with new income streams, underpinned by a wider 10-year vision and the new triple bottom line which reflects our work, audiences and overall impact. The Trustees note that the Strategic Plan is supported by acLompanying Strategic Objectives and Key Results IS-OKRsl, a financial framework and fve-year budget. and a delivery plan that will guide the sequencing of activity and measurement of progress. This structured long-term planning provides a robust foundation for assessing future financial viabilrty. Based on this detailed review of short- and medium-term financial forecasts, the mitigation strategies available to management, and the organisational direction set out in the 2025-2030 strategic Plan, the Trustees are satisfied that Shakespeare's Globe has adequate resources to continue in operational existence for the foreseeable future. Accordingty, the Trustees continue to adopt the going concern basis in preparing these financial statements. Further detail is provided in Note 3 to the accounts. 15 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E FINANCLAL REVIEW INVESTMENT POLICY The Globe's primary objectives wf(h regard to its funds are to: protect the capital value of the investment. provide appropriate levels of liquidity to meet predicted cash-flow needs. appropriately consider environmental, social and governance factors In the majorty of cases this will mean holding funds in bank deposits where we require that the banks have a strong credit rating {Al and provide a deposit guarantee. As appropriate. a limited amount of other options may be considered that do nol impact on these primary investment objectives. This may mean that limited short-lemi capital volalilily would be acceptable. The Globe primarity holds cash in slerling but may maintsin a limited amount of international currency, in particular US dollars, lo assist with international cashflow. Investment decisions are made by the Board of Trustees with some delegat￿n lo the Audit and Risk Committee. INTERNAL CONTROL AND RISK MANAGEMENT Trustees are responsible for ensuring that the Globe has effective systems lo identify, manage and control risks across the organisation. The primary tool of risk management is the risk register, which records and assesses all significant risks, controls and other measures in pla to mitigate those risks and ensures that those measures are effective. In addition, policies and controls have been reviewed or introduced. The risk register is presented al every Audit and Risk CoMM￿ee meeting and, in addition, the Board reviews significant risks on a regular basis er¢her as full Board or in Committees. Within these reviews they ensure that any internal controls are commensurate. economic and effective. During the year, Ihe Audil and Risk Committee has considered Ihe best melhod of evaluating risks in detail and intr(Kluced a schedule of topics for deep dive investigation. The Board also reviews a Fraud Risk assessment which is presented yearty for review and discussion. The Truslees are satisfied that appropriale rtsk management and internal control systems and processes are in pla￿. 16 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E FINANCLAL REVIEW PRINCIPAL RISKS AND UNCERTAINTIES The Globe operates wrthin a complex and evolving environment. and the Trustees regularly review the principal risks and uncertainties that could impact the achievement of the charity's objectives. These risks arise from both intemal operations and external factors and are considered alongside the effectiveness of existing mf(igations and controls. Financial sustainability and affordability The Globe's financial model remains sensf(ive to changes in audience demand, inflationary pressures and wider e¢(￿oMiC condilions. While the organisation benefits from 8 diversified income base, fluctuations in earned income. fundraising performan￿ or Cost levels could impact financial resilience. The Trustees activety manage this risk through prudent budgeting, regular finanual forecasting, cost control and the Maintenan￿ of appropriate reserves. Operatlonal dellvery and capaclty of the estate As a historic public venue with high levels of visitor and audience activity, the Globe faces ongoing operational risks associated with maintsining. operating and developing ils estate. These include capacity constraints, asset condition, health and safety requirements and the need to balance public access with conservation. The Trustees continue to oversee investment in both short- and long-temi capital planning to ensure the estate remains safe, resilient and capable of supporting the Globe's artistic and charitable ambitions. Dellvery of major projects and capltal programmes The Globe is engaged in a number of significant capital and development programmes, including the Research & Collections project. Such projects carry inherent risks relating lo cost, timing, funding and operational disruption. Trustees receive regular updates on major projects and ensure that appropriate governance. financial oversight and risk rnanagement arrangements are in place throughout delivery. People. skills and organisational capacity The Globe's success depends on its ability lo recruit, relain and support skilled staff and freelancers across artistic, operational and support functions. The organisation operates in a competitive labour market and faces sector-wide challenges relating lo workforce capacity, wellbeing and affordability. These risks are managed through workforce planning, investment in staff development and ongoing review of organisational structures. 17 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E FINANCLAL REVIEW Reputstion and public trust As a high-profile cultural organisation and chartiy, the Globe's reputation is central to its ability to attract audiences, funder5, partners and staff. Reputational risks may arise from operational incidents, financial pressures or changes in the extemal environment. Trustees place significant emphasis on strong govemance, transparency, ethical standards and effective stakeholder engagement to protect public trust. External environment and regulatory change The Globe is subject lo a range of regulatory, funding and policy environments, including charity regulation, taxation, employment law and public funding frameworks. Changes in regulation or public policy, as well as broader S￿etaI and economic shifts, may impact operations or financial performance. Trustees monitor these developments and ensure that the organisation remains compliant and adaptable. The Trustees are satisfied that these principal risks and uncertainties are understTr)d, appropriately monitored and activety managed. The Board and ils Committees continue to review the risk profile of the organisation regulaty to ensure that risk management remains proportionate, forwarthlooking and aligned with the Globe's strategic objectives. 18 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E THE ENVIRONMENT The Environment Shakespeare's Globe recognises Ihe enViron￿n￿l challenges facing society and the cultural sector and is committed to improving ils environmental performance and reducing the impact of ils activities over lime. As a hisloric open-air venue and major public attraclion. the Globe is particularly consaous of the effects of changing weather patterns, energy use and the operational demands placed on its estate. Environmental sustainability continues to be an important consideration within the Globe's strategic and operalional decision-making. During the year, work has continued to review how environmental responsibilrty can be further embedded across the organisalion's activities, estate managemenl and ways of working. This includes consideration of longer-term approaches lo reducing carbon emissions, improving energy efficiency and supporting sustainable behaviours, recognising that meaningful change requires sustained effort, investment and collaboration. The Truste65 retain overall accountability for environmental sustainability. Responsibility for implemenlalion srts within the executive leadership structure, supported by operational teams responsible for the management and maintenance of the Globe's buildings and infrastructure. Progress and emerging priorities are kept under review as part of the Globe's wider governance and risk management arrangements. ENERGY AND CARBON REPORTING (SECR) In accordance wrth the requirements of Streamllned Energy and Carbon Reportlng ISECRI imposed by the 2018 SECR Regulalions, we are required to disck)se the folk)wing energy and carbon infomation.. ' Energy consumption SGT Emlsslons Methodology Scope 1: Emissions from combustion of Gas IC02e: 2025.. 321 IEC. Gas 1,757,089 Kwh) 2024.. 320 IEC. Gas 1,750,691 Kwh) tC02e calculated from the product of the invoiced gas consumplion in kwh during the reporting period and the 2024125 UK Govemmeni GHG Conversion Factors for Company Reporting for 'Natural Gas, Scope 2: Emissions from purchased electricty tC02e'. 2025.. 291 IEC. Electricity 1,646,417 Kwh) 2024.. 355 IEC. Electriaty 1,716,882 Kwh) tC02e calculated from the product of the above staled eleclriaty consumption in kwh during the reporting period and the 2024125 UK Government GHG Conversion Faclors for Company Reporting for 'Electricty GeneratedlElectricity. Ulc 19 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E THE ENVIRONMENT Scope 3: Emissions from business travel in rental cars or employee-owned vehicles where the company is responsible for purchasing fuel tC02e'. 2025.. 0.83 2024.. 2.18 tC02e calculated from the total mileage expenses claimed during the reporting period {3,441 miles) multiplied by the 2024125 UK Govemment GHC Conversion Factors for Company Reporting. Intensity ratio: tC02e gross figure based from mandatory fields ItC02elm21'. 0.071 {2024.' 0.078) Inlensty ratio stated above has been calculated as Tonnes of C02e per lolal square metres of useful floor area (8.677m2) 20 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E PUBLIC BENEFtr Public Benefit Shakespeare's Globe exists to celebrale the transf0M￿lIve power of Shakespeare's works and to ensure Ihey remain relevant and accessible to contemporary audiences. The charity's vision prioritises inclusivity. creativty and leaming through performance, educalion and community engagement. As a regislered chartty, the delivery of public benefft is central to the Globe's mission. This is achieved through a wide range of activity, including free and affordable performances, extensive educalion and learning programmes, and the promotion of diverse voices and stories across its artistic and cultural output. In shaping the Trust's objects and aclivilies, the Trustees have had due regard to the Charity Commission's guidance on public benefit. The Globe is committed lo long-term suslainabilty- culturalty, socialty and environmentally. This includes reducing barriers lo participation. supporting underrepresented communities, and continually improving the way in which rts aclivilies are delivered and experienced. Through widening access, fostèring creativity and championing lifelong leaming, the Globe seeks lo ènsurè that Shakespeare's legacy continues to inspiré and connect audiences in meaningful ways, while responding to contemwrary scKial. cultural and environmental challenges. People PAY POLICY FOR SENIOR STAFF The Direclorale comprises the key management personnel of the Globe in charge of directing and controlling, running, and operating the Globe on a day-to4ay basis wtthin the Annual Operating Plan, Budget and Polices etc set by the Board. The pay of senior staff is reviewed and by the Remuneration and HR, Culture & Inclusion Committee who make recommendations lo the Board. In setting pay, the Board considers factors including benchmarked data. TRANSACTIONS INVOLVING TRUSTEES Trustees declare any, and all actual and potenlial confiicts of inlerest and loyalty and these are held in a cenlral record which is induded in Board meeling papers. An annual declaration is made in accordan￿ wf(h Ihe Board's Conflicts of Inlerests and Loyalty Policy. Furthemiore, each Board agenda includes an invitation for Trustees to d￿lare any conflicts in connection wtih items to be discussed or deuded. 21 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E PUBLIC BENEFtr Transactions involving Trustee interests are detaI￿d in note 22 to the financial statements. VOLUNTEERS Our volunteers continue to make a vrtal contribution to the delivery of events. activities and performances across the organisation. During the financial year. they Provided over 58,000 hours of support across 686 events. averaging approximately 80 hours per volunteer. We worked with an active team of around 720 volunteers. including our largest recruilmenl cohort to date, with 181 new volunteers joining Ihe leam in April 2025. We saw increased diversity among applicants, particularty a higher proportion of volunleers within the 18-25 age group. Volunteer retention remained strong at 80%. wf(h an average length of service of six and a half years. Long seNice remains a hallmark of our programme". six volunleers received 30- year recognition awards, and a further 156 volunteers received awards marking 5, 10, 15, 20 and 25 years of seNice. Volunteers participated in a comprehensive Iraining programme including safeguarding, customer care, accessibility, heallh and safety, Action Counters Terrorism. and anti-racism workshops. During Ihe year, 114 experienced volunteers served as 'Buddies', providing on- shift support to new recruits. All volunteer Access Ambassadors and First Aiders received basic DBS checks. We expanded our Access Ambassadorvolunteer leam from 27 10 36 volunteers, who contributed 2,884 hours specifically dedicated to supporting patrons with access needs visiting our srte. All completed disability awareness training. We also welcomed two placement volunteers from local charities supporting people with learning disabilities, supported by the Ambassador team. This group was recognised exlernally as runner-up for Volunteers of the Year at the 2025 Museums & Heritage Awards. A total of 77 volunteers were trained in First Aid. To strengthen relationships be￿een volunteers and staff, we delivered a cross-organisational shadowing programme involving 25 staff members. Our Playhouse Mentor scheme. which supports volunteers in developing confidence in the Sam Wanamaker Playhouse. grew to 77 participants, up from 24 when the scheme launched in 2023. Following 14 months of development work. we were awarded the Investing in Volunteers accreditation in June 2025. Key projects contributing to this included the launch of a volunteer intranet srte and broader improvements to volunteer communication and support structures. THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E PUBLIC BENEFtr Volunteer feedback remains eXtrerne￿ positive.. 990A would recommend volunteering at the Globe 984A feel their role has a meaningful impact on the organisation 96.10 report being salisfied in their role We extend our sincere thanks to all our volunteers for their time, commitment, adaplability and passion throughout the year 23 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E PUBLIC BENEFtr Subsidiaries The annual report and financial statements encompass the activities of The Shakespeare Globe Trust (the Chartyl and tts three wholty owned subsidiaries.. 1. Shakespeare Globe Productions Ltd ISGPL)= A limited company responsible for producing, managing, and conduding productions on behaw of the Charity. 2. Shakespeare Globe Trading Limited (SGTL).. A limrted company Ihal previously managed commercial aclivilies for Ihe Charity. SGTL is now inaclive and is expected lo be wound up in due course. 3. SGT Trading Limited ISGThLI'. A limiled company Ihal undertakes the Charity's commercial trading activities and generates funds in support of ils charitable purposes. Incorporated in July 2019, SGThL took over certain trades, assets, and liabilities from SGTL effective 31 October 2019. Related Party Shakespeare Globe Centre USA The Shakespeare's Globe Centre (USA) In¢. I"SGC USA.) is a United Slates-registered 501lcl(31 nol-for-profrt organisalion estsblished to support the mission and work of Shakespeare's Globe in London and to extend ils reach. particularty within the United States. SGC USA provides a tax-efficient vehicle for Us-based philanthropy and plays an important role in encouraging American support, advtxacy and engagement with the Globe's charitable objectives. SGC USA is governed by rts own Board of Ch'rectors and works closely with the Globe lo support theatre, education, research, outreach and cultural programmes. Through this relationship, SGC USA contributes to the Globe's bng-temi financial sustainability, international profile and slralegic development, while also foslering edu¢alional and cultural partnerships within the United States. During 2024125, Iransatlantic collaboration continued to deepen. A significanl milestone was reached following Ihe end of Ihe financial year, wilh the safe arrival in London of the first tranche of the John Wolfson Collection, on kjan from SGC USA. This marks a major step towards the opening of London's first Shakespeare library and represents a landmark moment for scholarship, public ac￿$ and the Globe's inlemalional partnership with the United States. 24 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E PUBLIC BENEFtr Looking ahead, Ihe relationship wilh SGC USA will continue to support a number of significanl developments in 202>26. including: the opening of the Shakespeare library with the John Wowson Collection on loan from SGC USA the launch of a new partnership with the Folger Shakespeare Library, strengthening collaboration betsveen two leading intemational centres for Shakespeare study continued recognition of the enduring contribution of American supporters lo the Globe's artistic, educational and cuttural work Through its governance, advocacy and philanthropic aclivity. SGC USA remains a vital partner in advancing the Globe's mission as an internationalty connected cultural and educational institution. Shakespeare Globe Centre New Zealand The Shakespeare's Gbbe Centre New Zealand ISGCNZI. established in 1991, is a registered not-for-profit charity in New Zealand dedicated to mentoring young people and developing life skills through engagement with Shakespeare's v￿￿ks. SGCNZ works with a broad range of participants, including primary, secondary and tertiary students, educators, theatre practitioners, and the wider community, and plays an important role in pr¢Jmoting Shakespearean education and cultural exchange. SGCNZ mainlains a close and valued relationship with the Gbbe, conlribuling lo the organisation's international educalional reach and supporting shared objectives around access, leaming and young people's development. Through Ihis partnership, New Zealand participants engage with Glob&led educalional practice and, in turn, enrich the Globe's global perspective on learning, performance and scholarship. During 2024125, the Globe's education, learning, higher education and research activity continued to grow in scale, ambf(ion and international reach, reinforcing Ihe importance of strong global partnerships such as thal with SGCNZ. This included expanded digital learning resources, increased international higher education participation, and continued development of the Globe as a centre for embodied Shakespeare study and research. Looking ahead, the partnership wlth SGCNZ will continue lo support inlernational exchange, including the planned return of a New Zealand cohort lo Ihe Globe in 2026. These exchanges form part of the Globe's wider commrtment to cultural collaboration, global education and ensuring that a¢￿sS lo Shakespeaie's work remains open. inclusive and internationally connected. 25 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E STRUCTURE AND GOVERNANCE Structure and Governance LEGAL STATUS The Shakespeare Globe Trust (the 'Globe' or the'Trust'l is a registered charity and a company limited by guarantee. Its Memorandum and Articles of Association originally dated December 1973, and amended in 2016. outline its objects. The Trustees are also the members of the company. each guaranteeing an amount not exceeding £10. As of 31 October 2025. the Trust had 16 Board members. The Board has recognised that this number is above typical sector nomis and has agreed a planned, phased reduction in its size over time to better align wf(h governance best practice and support effective decision-making. TRUSTEES AND DIRECTORS Trustees, who are also directors of the company for the purposes oflhe Companies Act 2006, are appointed by the Board and have control of, and responsibility for, the governance and strategic control of the Globe. The Board comprises of the Chair, Deputy Chairs. Honorary Treasurer, and other Trustees. Trustees are appointed for an initial term of three years. There is no automatic reappointment for a second term,. all reappointments are subject lo a fomial review. Trustees may serve a maximum of six years in total. Service beyond Iwo terms is unusual and would only be recommended in expectational circumstances where this is clearty justified in the best interests of the Chanty. The maximum continuous term for a Board Officer {Chair, Deputy Chairs and Honorary Treasurer) is six years. The Board meets on a quarterty basis and delegates day-tcAay responsibility for the management of the Charity to the Directorate. It also delegates specific responsibilities and activities to its committees. During the 2024125 financial year. the Board was supported by six standing committees and held five formal Board meetings. induding one meeting convened to consider and approve the new Strategic Plan. RECRUITMENT AND APPOINTMENT OF TRUSTEES The Nominations Commfftee oversees the re(yuitment and reappoinlmenl of Trustees in accordance wrth principles and parameters approved by the Board and infomed by sector best practice. The Committee seeks to ensure Ihal the Board and tls committees maintain an appropriate balan￿ of skills, experience, independence, background, and diversity, aligned to the Charity's objects. strategic priorities. and tisk profile. It also has resF)onsibility for 26 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E STRUCTURE AND GOVERNANCE overseeing ordeTty SU￿$s1on planning, taking account of planned reliremenls and future leadership needs, in order lo support Board conlinurty and effectiveness. The Nominations Committee make5 recommendations lo the Board in respect of Truslee appointments and reappointments. No new Trustee recruitinenl was undertaken during the 2024125 financial year. TRUSTEE INDUCTION AND TRAINING The Trust is committed to ensuring that Trustees are equipped with the knowledge and skills required to discharge their responsibilities effectively. All new Trustees participate in a structured induction programme, which includes an introduction lo the Charity's mission, strategic objectives. governance framework. and key policies. Trustees are supported by an ongoing programme of development and training covering core areas such as regulatory and legal Complian￿ {including safeguarding), financial oversight, risk managemenl, cyber security and sector-specific developments. This approach helps ensures that Ihe Board remains informed, capable, and welkprepared lo provide effective and strategic leadership in support ofthe Charity's aims. THE BOARD AND ITS COMMITTEES There are six standing Board Committees". Audit and Risk Committee Capital Projects Committee Development Commrttee Nominations Committee Performance and Education Committee Remuneralion, HR, cultu￿ and Inclusion Committee Each Committee is chaired by a Trustee who rewrts on the Committee's activities al every Board meeting. Some Committees may also indude non-Truslees. appointed for their specialist expertise. Audlt and Rlsk Commlttee The purpose of the Audit and Risk Commlttee is to assist the Board in fulfilling rts oversight responsibility, particular￿ concerning the organisation's financial reporting, internal controls. investment strategy, risk management. compliance and audit functions. The Committee plays a crucial role in ensuring the organisation's integrty. transparenw and accountability. especialty in financial and risk management practices. 27 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E STRUCTURE AND GOVERNANCE The Audrt and Risk Committee is also responsible for overseeing the production of Ihe Annual Report and Financial Statements and the relationship with the external auditors. The Committee met five times during 2024r2025. Capital Projects Committee The primary purpose of the Capital Projects Commfftee is to assist the Board in overseeing the Globe's capital projects by reviewing their progress. advising and supporting the Directorate in managing risks and issues. particularty focusing on risk appetite, reputation, security, business interruption. and budget complian￿. reviewing long-temi operational and revenue aspects, advising on commercial and procuremenl approaches, and selection of key suppliers such as lead architects and contractors. The Committee met four times during 202412025. Development Commlttee The purpose of the Development Ci)mmittee is to assist the Trustees in formulating and implementing fundraising. bwth a particular focus on the Globe's revenue and capital fundraising efforts. The Committee met three lirrEs during 202412025. Nomlnatlon C2030 strategy,. the role of culture and slorylelling in responding to climate responsibility., access, education and talent development across the sector; and the public purpose of the Globe's Research & Collecth)ns Project as rt moves towards the opening of a new Shakespeare library. Council members also brought valuable insighl inlo Ihe wider cullural and funding landscape, helping lo situate the Globe's work wtlhin broader national and inlemalional debates around inclusion, access, suslainabilty and the future of cultural institutions. The Globe Council met three limes during the 2024125 financial year. CHARITY GOVERNANCE CODE The Trustees continued to work in accordance wrth the principles of the Charty Governance Code throughout the 2024-25 reporting year, using the Code as a framework to guide discussion, reflection and good governance practice. During the year, this work was informed by the version of the Code in force at the time. As part of a wider govemance programme, the Board has Wun discussions about ils future composition and size. with the intention of moving lowards a smaller, more focused and skills- balanced Board over time, aligned lo the Globe's strategic priorilies and future needs. This work is al early slage and will be taken fO￿ard in a measured and transparent way as part of the Board's ongoing development. During the year, Trustees.. held initial discussions on Board effectiveness. composrtion and ways of working, informed by the Charity Governance Code considered how governance structures. roles and resp)nsibilities may need lo evolve lo support the Strategic Plan 202&2030 29 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E STRUCTURE AND GOVERNANCE scoped areas where governan￿ documentation and prccesses may require future review or updating In November 2025, a revised version ofthe Chartty Govemance Code was published following sector consuttation. The Trustees intend to review the Globe's governance arrangements against the updated Code during 202>26. using it as a twl for continuous improvement and to ensure that governance remains proFQrtionate. effective and aligned to the charity's scale, complexity and ambition. This earty-stage work provides a foundation for rTh)re structured govemance development activity, ensuring that changes are well considered. proportionate and aligned lo the charity's scale, complexity and ambition. DIRECTORATE The day-l¢>day executive management of the Gk)be is deleg*ed to the Chief Executivè, who reports directly lo the Trustees and is accountable for implementing the pOI￿leS, strategy and decisions set ty the Board. The Chief Executive holds all powers not expressly reseNed to the Board or delegated lo rts Committees. operaling within the framèwork of an annual plan and budget approved by the Trustees. These F4)wers may be further delegated to members of staff in accordance with agreed schemes of delegation. Senior leadership at the Globe is provided by the department Directors, who collectively form the Diréctorate. Under the ￿adership of the Chief Executive, the Directoratè is responsible for the coordinated delivery of the charity's objectives, the managèment of organisational risk, and the effective operation of the Globe across artistic. educatvjnal. commercial and support functions. During the 2024-25 reporting year. the Directorate operated in a particularly demanding context, navigating complex planning cycles. workforce pressures, strategic realignment, financial constraint, caprtal decision-making and significant systems change, while continuing to deliver an extensive wblio programme. During a period in which the Chief Executive was temporarily absent for health reasons, the Directorate worked collectively to ensure continuity of leadership, decision-making and organisational stability. Throughout the year, the Directorate demonstrated a strong collective approach to executive leadership, characterised by shared responsibilty, mutual support and professional judgement. This included holding organisalional risk collectively. clarifying decision-making and delegation, addressing long-standing structural and cultural challenges, and engaging openly with issues relating to inclusion. safeguarding, reputational risk and public accountability. 30 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E STRUCTURE AND GOVERNANCE The Directorate mel regularly during Ihe year lo review progress, address challenges and support delwery against Strategic priorities. This collaborative executive practice has strengthened the organisation's capacrty to lead through un￿rtaInty and change and provides an important foundation for the delivery of the Strategic Plan 202>2030. 31 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E TRUSTEE DLtrrES Trustee Duties SECTION 172 COMPANIES ACT 2006 STATEMENT Introduction and Strategic Context The 2024-25 reporting year was one of creativity. resilience, ambition and care for Shakespeare's Globe.11 was also a year of significant transrtion, requiring Trustees to exercise careful judgement in balancing artistic excellence. public benefrt, financial sustainability, workforce wellbeing. and long lerrn organisational Tesilience in a complex and fast-changing external environment. During the year. the Board worked dosety with the Chief Executive and wider Directorate to oversee the transition from the Strategic Rebuilding Plan (2022-2025) to a new long-term Strategic Plan for the period 202&2030. vthich was formalty approved by the Board on 1 July 2025. The new Strategic Plan sets a dear diTection for the Globe's next phasè, grounded in a strengthened understanding of impact. &cess. indusion. business model sustainability, and organisational culture. Trustees recognise that this peric*J required heightened focus on Section 172 considerations, particularly in light of.. changing audience behawours and income volatility the need for a more sustainable long-lemi business model major caprtal projects and estate stewardship the organisalion's responsibilrties to staff, freelancers and volunteers safeguarding, inclusion and anli-racism commitments increased expectations around impact reporting and accountsbility Throughout the year, Trustees soughl to embed Section 172 consideralions inlo Board and Comrnittee deliberations, consistent wtth the prinaples of the Charity Governance Code. 1. How Trustees have regard to the matters set out in Section 172 al The likely consequences of any decision in the long term Trustees place strong emphasis on k)ng-temi stewardship of the Globe, ensuring that decisions support the charity's purposes while safeguarding r(s future sustainability. During 2024-25, the Board.. oversaw the final year of delivery of the Strategic Rebuilding Plan, while shaping and approving the Strategic Plan 202&2030. recognising the need for slrucluial change to the operating model 32 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E TRUSTEE DLtrrES scrutinised the charity's financial position, including the reliance on non-operating income, and supported a strategic and financial resel lo inform future planning maintained oversight of major capital aclivty. including the Research & Collections project, ensuring Ihal govemance, affordability, risk managemenl and organisational learning were addresses considered long-term implications of decisions relating to estate, digital infrastructure, climate commrtments and workforce capacity Trustees assessed these decisions through the risk managernerrt framework overseen by the Audrt & Risk Comm￿ee. recognising thal long-temi resilience requires discipline cost control, clearer accounlability. and a ￿all$tiC approach lo futu￿ income generation. bl The interests of the charity's employees, freelancers and volunteers The Trustees recognise that the Globe's employees. freelancers and volunteers are fundamental to delivering rts charitable mission and sustaining its reputation. During 2024-25, Trustees.. continued lo prioritise workforce wellbeing, culture and resilience, particularly in the context of high operational demand and external pressures approved an annual pay award that provided proportionate￿ higher increases for lower-paid stsff, infonned by cost-of-living considerations and affordability maintained oversight of the Globe's commitment as a Living Wage Employer supported access to wellbeing provision, fiexible working arrangemenls and enhanced people policies The Remuneration, HR, CultUTe and Inclusion Commtttee played a central role in providing assurance on organisalional culture. mental heatth, safeguarding and people strategy. Trustees were mindful of the cumulative impact of change on staff and sought lo balance pace of delivery with care and suslainabilty. The contribution of volunteers was also Tecognised as central to the Globe's public benefit. Trustees acknowledged the scale and depth of volunteer engagement during the year and the importance of continued investment in volunteer leadership. recognition and support. cl The need to foster relationships with suppliers. audiences. customers, and others Trustees recognise that Ihe Globe's success depends on slrong, ethical and mutually respectful relationships wrth a wide range of stakeholders. including audiences, schools, students, suppliers, freelancers. donors, partners and the IoG81 community. During the year, Trustees considered.. the impact of shifting audience behaviours, induding increased last-minute booking pattems, on pricing, access and financial planning the importance of maintaining fair and professional relalionships with freelan￿rS and suppliers, particularly in a challenging sector environmenl the value of national and intemational partnerships. including c(>produclions and educational collaborations, in strengthening creative sustainability and public reach Trustees sought to balance affordability and access for audiences wrth the need to sustain high-qualrty artistic and educational provision over the long term. 33 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E TRUSTEE DLtrrES dl The impact of the charity's operations on the community and the environment Environment responsibiltty and community impact remain integral to the Globe's strategic direction. During 2025-25, Trustees: continued oversight of the Environmental Sustainability Plan. recognising climate action as a strategic and operational priority considered the environmental and communty impact of capital works, estate management and programming deasions supported initiatives that position the Globe as a civic and cultural space, contributing lo education, public discourse, access lo cutture and community wellbeing Trustees recognised that environmental stewardship, access and inclusion are increasingly interconnected with reputation, resilience and public trust. el The desirability of maintaining a reputation for high standards of bu$lne$s Conduct Trustees are committed to upholding the Globe's reputation for integrity, transparency and ethical conduct. During 2024-25, the Board.. continued to strengthen govemance arrangements in line wrth Ihe Charity Governance Code oversaw signrficant work on safeguarding, induding the commissioning of an independent review lo ensure policies and practice relating lo adults at risk meet current legal standards supported further development of anlFraeism and access work. including independent audit activity lo inform future delivery maintained oversight of elhical fundraising, data protection, financial controls and risk management Trustees recognised that reput*ional risk is cbsely linked to culture, leadership behaviour, and the organisation's abilty to respond openly and responsibly to challenge. fj The need to act falrly as between members of the charlty While this factor has limtied formal application in the Globe's structure, Trustee5 are committed to fairness, inclusion and equalty in decision-making. Throughout 2024-25, Trustees sought to ensure that decisions.. were infomied by diverse perspe(aives did not disproportionatety disadvantaged particular groups reflected the Globe's commitment to a(xess. anti-racism and inclusive practice These considerations informed g0Veman￿ decisions, workforce policies, pr(NJramming and public engagement. THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E TRUSTEE DLtrrES 2. Engagement with employees and consideration of of their interests Trustees recognise Ihal meaningfvl engagement wilh staff and freelancers strengthens governance and decision-making. During the year: the Remunerations, HR. Culture and Inclusion Committee continued to receive regular updates on W0￿fOrCe wellbeing. culture. safeguarding and progress against people priorities Heatth & Safety performance and major incident preparedness were monitored through the Audit & Risk Committee Trustees were infom)ed by slaff engagemenl mechanisms including all-stsff briefings, departmental meetings, the intranet and slaff-led ne￿orkS Slaff-led networks, including Global Majority Group. LGBTQIA+ Ne￿Ork and Staff Action Group provided insight, challenge and feedback that informed management proposals and Trustee oversight. 3. Engaged wlth other stakeholders Trustee recognise Ihal suslained engagement with beneficiaries, partners, funders and the wider community is essential to the Globe's long-lerm success and charitable impact. During 2024-25. Trustees engaged with and had regard to the interests of a wide range of stakeholder through structured govemance. advisory and partnership mechanisms. including.. the Globe Council. which provides independent insight, experience and challenge. supporting long-lerm thinking and strategic reflection the Shakespeare's Globe Cenlre USA ISGC USA) Board. which plays a key role in supporting transatlantic partnership, advocacy and fundraising, including stewardship of major donors and oversight of strategic initiatives conneded lo the United Slates Active Trustee involvement in development and engagement activity with donors, patrons, corporate partners and foundations. supporting long-term financial suslainabilty and alignment with charitable purpose Ongoing engagement with national and regional partners, &>producing organisalions, schools, and education partners, helping lo ensure that the Globe's artistic, educational, and public programmes remain relevanl. accessible and impaclful Through these mechanisms, Trustees gained insight into stakeholder priorities, expectations and emerging risks. This informed Board discussions on strategy, financial suslainabilily, capital development, international partnerships, and reputational considerations, ensuring that decisions were taken with a broad underslanding of their impacl on the Globe's communities and supporters. 4. Trustee assurance The Trustees confirm that. throughout the 2024-25 reporting year. they have acted in good faith and had due regard to the matters set out in Section 172 of the Companies Acl 2006 when making decisions The Truslees consider thal this statement faity reflects how those duties have been discharged in practice. 35 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E STATEME￿ OF TRUSTEES. RESPONSIBILITIES Statement of Trustees, Responsibilities The Trustees (who are also directors of Shakespeare's Globe Trust for the purposes of company lawl are responsible for preparing the Trustees, Report (including the Strategic Report) and the financial statements in accordance wrth applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that periTrJ. In preparing these financial statements, the Trustees are required to.. seled suitable accounting policies and then appty them consistentty,. obseNe the methods and principles in the Charlties SORP- make judgments and estimates that are reasonable and prudent; state whether applicable UK accounting standards have been followed. subj'ect to any material departures disclosed and explained in the financial statements., and prepare the financial slalemenls on the going concem basis unless il is inappropnale to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records Ihal are sufficient to show and explain the charitsble company s transactions, disdose with reasonable accuracy at any time Ihe financial posrtion of the charrtable company and enable them lo ensure that the finanaal statements comply wilh the Companies Act 2006 and the provisions of the charity's conslitution. They are also responsible for safeguarding the assets of Ihe charity and the group and hence for laking reasonable steps for the prevention and deleclion of fraud and other irregularities. QUALIFYING THIRD PARTY INDEMNITY The Articles of Association provide the directors with a qualified third-paty indemnity which was in force throughout the pericNJ. The indemnty remains in for￿ at the date of approval of this annual report and finanual statements. INFORMATION PROVIDED TO THE AUDITORS The Trustees who held office at Ihe date of approval of this Trustees, report confinn, so far as they are aware, there is no relevant audit information of which Ihe Group's audttors are THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E STATEME￿ OF TRUSTEES. RESPONSIBILITIES unaware and each Truslee has laken all the steps that they ougm to have laken as a Trustee to make themselves aware of any relevant audit information and to establish that the Group's auditors are aware of that information. APPROVAL AND SIGNATURE This Trustees, Report {including the Strategic Report) as set out on pages 6 to 37 was approved by the Trustees and signed on their behalf by.. Dame Jayne-Anne Gadhla DBE CVO FRSE Chair Date 06m&2026 37 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E STATEME￿[ OF TRUSTEES. RESPONSIBILITIES Independent Auditor's Report to the Members of The Shakespeare Globe Trust Opinion We have audrted the financial statements of The Shakespeare Globe Trust Ilhe charrtable company'l and ils subsidiaries {Ihe group,) for the year ended 31 October 2025 which the Consolidated Statement of Financial Activities. the Group and Charity Balance Sheets. the Consolidated Cash Flow Slalemenl and 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (United Kingdom Generalty Accepted Accounting Practice). In our opinion the financial slalements.. give a true and fair view of the state of the group's and the charitable company's affairs as at 31 October 2025 and of the group s incoming resour￿S and application of resources, including its income and expenditure for the year then ended.. have been property prepared in accordance with United Kingdom Generalty Accepted Accounting Pradice.. and have been prepared in accordance with the requirements of the Companies Act 2006 Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) {ISAs {UKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audrt of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard. and we have fijlfilled our other ethical responsibilities in accordance with these requirements. We believe Ihat the audrt eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalemenls. we have concluded Ihal Ihe Iruslee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on Ihe work we have perfom)ed. we have not idenlified any material uncertainlies relating lo events or conditions Ihal, individually or colleclivety, may casl significant doubt on the charitable THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E STATEME￿[ OF TRUSTEES. RESPONSIBILITIES company's ability to continue as a going con￿rn for a perioj of at least ￿e1ve months from when the financial slalements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other infomlation The Iruslees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial slalemenls and our audrtor's report Ihereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicrtly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other infomialion and, in doing so, consider whether Ihe olher information is malerially inconsislenl wrth the financial slalemenls or our knowledge oblained in Ihe audrt or othe￿iSe appears lo be malerialty misslaled. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo determine whether this gives rise lo a malerial misslalemenl in the financial slalemenls themselves. If. based on the work we have perfomed, wè conclude that the￿ is a material misstatement of this other infomialion. we are ￿qUI￿d lo report Ihal fact. We have nothing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion based on Ihe work undertaken in the course of our audit the infomiation given in the tru￿ee$. report, which includes the direclors, report and the slralegic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent wilh the financial slalemenls,. and the slralegic report and Ihe direclors. report included wrthin Ihe Iruslees, report have been prepared in accordance wilh applicable legal requ1￿MentS. 39 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E STATEME￿[ OF TRUSTEES. RESPONSIBILITIES Matters on which we are required to report by exception In light of the knowledge and understanding of the charitable company and their environment oblained in the course of the audit. we have nol idenlrfied malerial misslalemenls in the slralegic report or the directors, report included within the trustees. report. We have nolhing lo report in respect of Ihe following matters in relalion to which the Companies Acl 2006 requires us lo report lo you rf, in our opinion.. the parenl company has not kepl adequale accounting records., or the parent company financial slalemenls are not in agreement with the accounting records and relums.. or certain disclosures of Iruslees, remuneration specified by law are not made., or we have not received all the infomiation and explanations we require for our audit. Responsibilities of trustees As explained more fulty in the Iruslees, responsibilrtiès slatemenl Isel out on page 361, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalemenls and for being salisfied Ihal Ihey give a true and fair view, and for such intemal control as the trustees deleminè is necessary to enable the preparation of financial slalemenls Ihal are free from material misslalemenl, whether due lo fraud or error. In preparing the financial slatemenls. the Irustees are responsible for assessing the charitable company's ability lo continue as a going concem. disclosing. as applicable. matters relaled to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or lo cease operations. or have no realistic allernalive bul lo do so. Auditorfs responsibilities for the audit of the financial staternents Our objectives are lo oblain ￿asonable assurance about whelher Ihe finanual statements as a whole are free from material misslalemenl, whether due to fraud or error, and lo issue an audilor's report Ihal includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaranlee Ihal an audit conducled in accordance with ISAS (UK) will ahvays delecl a malenal misslalemenl when it exisls. Misslalemenls can arise from fraud or error and are considered material if, individualty or in Ihe aggregate, they could reasonably be expected to infiuence the economic decisions of users taken on the basis of these financial slalemenls. Delails of Ihe extent lo which the audit considered capable of delecting irregularities, including fraud and non-compliance with laws and regulations are sel oul below. A further description of our responsibiliti-es for the audit of the financial statements is located on the 40 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E STATEME￿[ OF TRUSTEES. RESPONSIBILITIES Financial Reporting Council's websrte at.. Mvw.frc.or fomis part of our auditorfs report. -uklauditorsres onsibilities. This description Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of nonvcompliance with laws and regulations. We idenlffied and assessed Ihe risks of malerial misslalement of the financial slalemenls from irregularities, whelher due lo fraud or error. and discussed Ihese belween our audit leam members. We then designed and performed audit procedures responsive lo Ihose risks, including oblaining audrt evidence suffi¢ienl and appropri*e lo provide a basis for our opinion. We obtained an underslanding of Ihe legal and regulalory frameworks wrthin which the charitable company and group operales, focusing on those laws and regulalions Ihat have a direct effect on Ihe delerminalion of material amounls and disclosures in the financial slalemenls. The laws and regulations we considered in this conlext were the Companies Acl 2006 and the Charities Act 2011, together with the Charities SORP (FRS 102). We assessed Ihe required compliance with these laws and regulations as part of our audrt procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial slalemenls bul Complian￿ with which might be ne￿$sary lo the Charitable group's abilty lo operate or lo avoid a material penalty. We also considered the opportunities and incentives that may exist within Ihe charitable group for fraud. The laws and regulations we considered in Ihis conlext for the UK operalions were laxalion legislation, empl¢)ymenl legislalion, General Data Protection Regul*ion (GDPR) and health and safety legislation. Auditing standards limrt the required audrt procedures lo identify non-compliance with these laws and regulations lo enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, rf any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud. lo be within the liming of recognition of grant, donation and legacy income, and the override of controls by management including through significant eslimales and judgements. Our audit procedures lo respond lo these risks induded enquines of management and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting eslimales for biases, reviewing regulatory correspondence with the Charty Commission. and reading minutes of meetings of those charged wrth governance. Owing to the inherent limrtations of an audrt, there is an unavoidable risk that we may not have detected some material misstatements in the financial slalemenls, even though we have property planned and performed our audit in accordance wrth audrting standards. For example, the further removed non-complian￿ with laws and regulations (irregularities) is from the events and 41 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c1315￿E.FFE￿8El￿2EB-88F174A26B9E STATEME￿[ OF TRUSTEES. RESPONSIBILITIES transactions reflected in the financial statements. the less likety the inherentty limrted Pro￿dureS required by auditing standards would identfy it. In addition. as with any audit. there remained a higher risk of non-delection of irregularrties. as these may involve collusion. forgery. intentional omissions, misrepresentations, or the override of intemal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This report is made solety lo the charitable company's members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company s members those matters we are required lo slate lo 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 lo 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 havè formed. Nazlar Hasheml Senior Slalulory Auditor For and on behaw of CrovR U.K. LLP Statutory AudStor London Dale: 7 May 2026 42 THE SHAKESPEARE GLOBE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E The Shakespeare GlobeTru5t Consolidated Statement of Financial Acti¥ltles Year ended 310cwber2025 2024 TOt•lfiw* Lhiiestr*ted R*Stti¢ttJ T4t•lfvrtds Inc¢m¢fi¢m-. Oonètion5 ènd le8at Gowewnmentgrantsandsupwrt iJc6 651 57 4.519 33B 21.952 T¢t•l Income 19.324 24L 750 28.846 io io io 821 821 3m4 23.120 27.272 4a9 39 23.146 27.281 23.677 T¢i•l ¢¥1￿￿kI￿r• 27,711 2.052 1.722 319 27.272 Y7.71l 27.188 431 Vnieilisedfor*8n emchifige bss (si 2.017 319 TraThsfersbetween I￿n￿$ 18 237 4.169 1.020 81 15.32B 39.497 34.290 3*328 3.919 a8.217 39,329 Ac(ymyl•i•d f¥nthwrh•d All ol the ro5ulls lit dtiryed 1r0mcont￿l￿•tt￿I0S. thid kn5*S1￿￿nISld In th*yo•14￿1n￿lud￿dthb￿e. TheTe15 no ifTeience between the St4¢emeni of Fin4nri•l A¢tr+rtie$4n¢1￿IftCfy￿e*)d EJP¢tiditurt•<¢o¥n¢ •nd thereftye4 SW•P4¢e st4tement of The ThotesN paies46to 58lormwri￿theSe￿rtln¢1aI5tsI¢Th Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E The Shakespeare Globe Trust Balance Sheets as at 31 Ortober 2025 Company Number: 1152238 Gr 2025 Charit 2025 2024 2024 Note £'ooo Flxed assets Tangible fixed a55et5 Fixed asset Investments Investment in sub51diary Total fixed a55ets 13 14 24.895 14.640 23,749 10,799 24,895 14.640 670 23,749 9,799 670 15 39.535 34,548 40,205 34,218 Current assets Stocks Debtors Current asset investments Cash at bank and in hand Total current assets 456 4.856 429 4.847 3.123 5,229 13.629 16 14 6.312 7,433 3,123 3,133 13,689 6.622 11.934 4,634 10.946 Current Ilabllltles Creditors.. amounrs falling due within one year 17 15.5291 15,5091 15.2391 Net ¢urrent assets 6.405 8.120 5.735 8,450 Total assets less current IlabllltSe5 45.940 42.668 45.940 42,668 Creditors.. amounts falling due after more than one year 17 12,8411 13.3391 12,8411 13,3391 Total net a5set5 43.099 39,329 43.099 39,329 Funds Unrestrlcted funds Desi8nated funds Fixed asset reserve 18 18 18 6.103 8,5CKI 24,895 39.498 3.601 43.099 S.S79 6.103 8.5CK> 24,895 39.498 3.601 43.099 S,579 6,000 23,749 35,328 4,001 39.329 23,749 35.328 4.001 39.329 Total unre5trirted in¢ome funds Restricted incorne funds Total fund5 18 The Charity's net income wa5 £3.770k12024 net income £1.112kl. The notes on paÉes 46 to 58 form part of these financial statements. These financial statements on pages 43 to 58 were approved by theTru5tees and signed on their behalf bv.. Honorèry Treasurernrustee Date.. 0610512026 THE SHAKESPEARE GLOBE TRUST MMUAL REPORT FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E The Shakespeare Globe Trust Consolidated Cash Flow Statement Year ended 31 October 2025 2025 2024 Note £000 4,375 Eooo Net tash generated Irom operatlnK artlvltles 21 Cash Ilows Irom InveMlng artfvliles Interest receivable IAdditionsl/Disposals of fixed asset investments 695 13,8411 706 11,5231 Purchase of tangible fixed assets Net cash utilised by investing activities 13 12,4581 15,6041 11,4081 12.2251 Cash flows from 15nanclng actlvltle5 Culture recovery fund loan repayment Net cash provided by financin8 adivities 16 14961 14961 Net Increase in cash and cash equlvalents Cash and cash equivalents at beBinning ol year Effect of unrealised foreign exchange Ios5 Cash and cash equlvalents at end of year 11,7251 8,352 11,3431 9,709 6,622 8,352 Cash and cash equivalent5 compri5e'. C35h at bank and in hand Notice dep051ts Ile55 than 3 months) Total cash at bank and In hand per balance sheet Current Asset Investments (Wirh maturity date of less than 3 rnonthsl Total cash and cash equlvalents 6,622 4,455 774 5,229 3,123 8.352 6,622 6,622 Cash and cash equivalents for the purposes of the cash flow statement comprise tash at bank and on hand, together with short-term. highly liquid investments with original maturities ol three rnonths or less, held to ffleet short-ter cash requirernent5. Thi5 differs from the cash and cash equivalents disclosed on the balance sheet where longer- terrn or investment-purpose balances have been re(la￿lfied to ¢urreTrr and fixed remi investment The notes on pages 46 to 58 form part of ihese financial $i￿eMents. The Group's net debt is a net credit of £3,573k12024= £2.Ollkl comprisin8 the Group's cash and cash equivalents of £6,622k12024.. £5,529kl le55 the Culture recovery fund loan of £3,049k12024.. £3,128kl Inote 171. The movement in the year was 501ely due to the cash flows of the entity as shown in the Group Cash Flow Statement and 50 no separate reconciliation of net debr is presented. 45 THE SHAKESPEARE GLOBE TRUST ANNUAL REPC¥tT AND FINANCIAL STATEMENTS 2025 Docusign Envelope ID.. c13l5￿E-FFE￿8El￿2EB-88F174A26B9E The Shakespeare GlobeTrust Note5to the Finanual Statements Year ended 31 Ortober2015 Tht5hIk*ptaieS￿bèTIV5tIthe.[h8lIrfII53 Iwttredthaiitylre6￿*¢￿eo[hèrrtv￿O".266yjfjI •hd¢tyw•whthtedty6vaQnt¢e Ire¥iSteiedc4mPanYtsO 11522381 TheChèTIty'5 benef￿laI￿O￿￿tdandConti￿￿dsUb￿dlants(OMry￿.. .Shake5peèreGlobeTrading Limited *Trted lomp￿￿..t￿bdry sUb￿d￿ry.a[i￿Uft￿l JIOrtrthr2019. yJbsoquentty nofi.ttadingin natuiel.. .Shike5Pe¥re fjlobe Productyons Ltd IprNO¢e limrted [tyn￿￿¥." theètrtpI¢d￿￿)nWMp4nyl. •nO .SGTTrading ￿Mited Icommoncodtradingon I Pl0￿Mber I019astheChariWsntr* E￿dingYjb￿Q￿aryj. Allgroupcompafiiesshare a le815t￿ed0￿￿ea￿ 11 Ne*JGtsthW*KLondon SEI 90v.Thec￿tyandrt5sUb￿d￿ryUndtrta1ln1SaT￿rtfeIled to a5the 2 Bashof pr•wrnlon Thefinincialrtatfmen15ha¥ebeeD yowrtdunder the bi51oncalc051con￿nt￿n ￿4[[(yd￿ewthapp1K￿ble United ¥in1dD￿ kiouTrlifiB 5tandaTd5 comprlslr4 thé Financiol ffttwrtingStbThdard applKatrlèinthÈUKand Ir*nd1FRSIO2lI￿ud1r6 Attounting bnd Reportlng bycttarlties. Statement of Pf(ommqnd*d PTattice ipplxa¥8lochaTrtl85wqpwry thvil￿(U￿ntSIn Fin￿[￿ RopJrtryStsndird ipp1Ka￿ff ifi thtUK ifid Republl¢ol Ir•and IF￿ 1021 IThdtheC4rybTh￿*xI2r*)6 3 GalniCaKw 8AC#GROUNO In assessih8tht84lhi¢ofi<¥h OOSIt￿ dthe ChailtY•d theGiwp. theTiu￿eesh•￿*cl%b1Oere0 the GIoup'5 olaltttto Kti￿¢￿.{1￿a￿¢l￿l bud8ets, (Jsb l￿w5 and Iiryiditylor a Per￿ to Ortobor 2017. POr￿d01 otleKt I1.￿nthS11arnthtdlI*0t￿FP1oyIIolth•tlfilfflclI15tatQffteTh￿5. sed on thtGroyp'scash flow oloie¢ih)ns.I￿OO•10ol1IVSlee5 hab*￿091edth¢10￿4t￿KelAb1￿$￿Il(C¢vhI￿irt giepJiinithese lin•n(i•l st)temenis. 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