THE SHAKESPEAREAN AUTHORSHIP TRU
GXSTER
RTfY NUMBER 2
2282
ANN
REP
T AIID ACCOU
R THE YEAR ENDE

THE
HAKE
PEAREAN AUTHORSHIP TRusr
R THE YEAR END
TH APRIL 202
INIsr
EIN
Trustees:
Professor William Leahy (Chair)
Kristin Bundesen Ph.D.
Julia Cleave
Annabel Leventon
Sir Mark Rylance
Robin Williams Ph.D.
Lisa Wilson
SAT Direttor of ReSea￿h
Rosalind Barber Ph.D.
Associates:
Charles De ve￿ Beauclerk
Anthony Peter Dawkins
Michael Frohnsdorff
stephanie Hopkins Hughes
Sir Derek Jacobi
Carole Sue Lipman
Randall Sherman
Earl Showerman
Professor John Spiers
Hank Whittemore
Professor Michael Wood
SAT Director of Administration:
Milly Stones
Registered Address:
45 Shakespeare Road,
London SE24 OLA
Charity nan*:
The charty uses the abbreviation SAT
Registered charity number:
282282
Website:
www.shakespwreaTrauthofship.org.uk
NTENTS
Page I
Charity Information
Pages 2, 3 and 4
Trustees Annual Rewjrt
Pages 5 and 6
Annual Accounts
Page 7
Accountants Report
Page I

THE SHAKESPEAREAN AUTHORSHIP TRusr
ANNUAL REPORT OF THE TRU
R THE YEAR ENDED
TH APRIL 202
STrUCTURE GOVERNANCE AND MANAGEMENT
The charity (SAT) was set up on 6th November 1922. It is governed by a Trust Deed dated Ilth March
1981 and is a registered charity, number 282282. SAT is managed by its trustees, assisted by the
Director of Administration and the Director of Research. A list of the trustees and other officials of the
charity at 5th April 2025 is set out on page one, which forms part of this reEK)rt. Professor William
Rubinstein lan A$s￿late) sadly died on 1st July 2024. Jenny Kirby resigned as Director of Administration
on 1st July 2024 and Milly Stones repkced her on that date. There were no other changes in the year.
However Annabel Leventon, who is noted on page I, ￿aSed to be a trustee on 16th May 2025.
The minimum number of trustees is four and the maximum seven. The trustees are to apkN)int further
trustees if their numter falls telow four. The trustees meet regularty and at least On￿ a year.
EcfIvES AND A
The objectives of the charity (SAn are to advance education and learning with particular referen￿ to the
social, p)litical and literary history of England in the sixteenth and seventeenth centuries and the
authorship of the literary works commonly attributed to William Shakespeare of Strattord-upon-Avon.
SAT does this by Stag￿ng conferences and other actTVities bringing together individuals, researchers and
members of the public to explore these subjects, and by undertaking other suitsble projects, when
these arise.
conferen￿ and other aciivitie5, ex￿pt Gatherings, are open to all. To encourage a high attendan
by a wide range of individuals, attivities a￿ publicised as widely as possible including on the website.
SAT relies on income from entrance fees and donation5 to cover the costs of staging conferences and
other activities. The trustees consider the Charity Commission's guidan￿ on public benefit when
viewing the charity's aims, objective5, actNities and achievements, when planning future activities and
when setting admission fees In order to give accessibility to all. Gatherings a￿ for and only open to
SAT subscritErs.
HIEVEME
AND PERF
RMAN
The annual coTrferen￿, this year entttled 'The fI￿t heir of my invention" was held at The Marylebone
Theatre in London on 17th November 2024 and explored Shakespeare's verse poems such as Venus and
Adonis and the Rape of L(Jcrece and the mystery of the Southamptr)n dedications. It included talks,
discussions, performances of scenes and presentations from the verse ￿M$. Lisa Wilson, Ros Barber,
Julia Cleave, Mark RYlan￿ and Annabel Leventon were closely involved in putting on the Conferen￿ and
were amongst the conference speakers and presenters. The Conferen￿ is open to the general public.
Attendance at the conference was up from 62 to 93 and receipts were up by £238. The trustees
kept costs down wherever possible and as a result there was a surplus of £2,880 (2024 deficit £2,325).
In conjunction wtth the COnfe￿n￿, a special Gala Perf0M)an￿ of Venus and Adonis was held after the
Conferen￿ to both promote and raise fund5 for both SAT arid the Marylebone Theatre. The Gala
Performance was a reimagining of the tK)em with readings and contributions from Mark Rylan￿. Krlstin
Scott Thomas and Johnny Flyn. 229 people attended the Gala and it raised £12,668 Wore costs for SAT,
The charity held an online Gathering on 20th April 2024 "10 Years of Progress" The Gathering provid￿]
an opwrtunity for subscribers to meet and to raise specific questions regarding the Authorship Question
and it was well attended. The Gathering was recorded and was made available for those who were
unabl• to attend in person. The November Conferen￿ was filmed and also made available. Both were
uploaded to the SAT YouTube channel, where they attract a lot of views which in tum promotes the
Authorship Question.
The Trust rnakes g¢))J use of its website, its substack site and social media to publicise events.
Page 2

THE
HAKE
PEAREAN A
TH
RSHIP TR
NU
REPORT
E TRUStEES
R THE YEAR ENDED 5TH APRIL 2025
ACHIEVEMENTS AND PERFORMANCE
ontinu
The SAT Substack subscription scheme was launched on 13th March 2024 and it replaced the
SAT rnembership scheme. Subscribers to the substack scheme receive email alerts which invite them to
read weekly and other rnsts to the substsck about information on the state of the SAQ induding news
about research, publications and events.
The substack scheme's first full year was ars interesting one with kx)sts from Kristin Bundensen, Robi
Williams, William Leahy, Julia Cleave and Ros Barber amongst othe￿. The Posts expand interest in SAT
and the Authorship Question. The pjsts are intended to keep subscribers engaged and to draw in a
-new audien￿ and potential new subscribers.
The scheme also repla￿ the charrvs Twltter account, and membersblp scheme. It requlres less
administration and so has cut work on sUPPOrt. In addition it has increased engagement and provided
better analysis of member-Subscri￿r engagement and concem5, Wilich is essential to manage
subscriptions.
The scheme offers a monthly payment option, as well as an annual payment. SAT saw an increase in
subscription income of £2,114 to £8,549. It is experted that subscription receipts in future years will
be sufficient to cover SATS costs and thus secure a stable future for the charity. However the
trustees continue to explore ways of raising funds from other sour￿.
The chaiity's administration costs were down by £1,341 to £5,947 in part trecause part of the
Administratols fees were paid after date as noted on page 6. In addition the reduction in the
support work as outllned above meant that this work could be incorporated in the remst of the
Administratr)r thus reducing administration costs by £1,200 per annum.
All the trustees and Dr Barber are involved in different activities concerning the Authorship Question
{SAQ) including providing material for the SAT Substack as well as preparing, taking part in and
performing at the charity's annual conferen￿, Gatherings, online and other events. In addition:_
Professor William Leahy chaired the charity and continued to liaise with all associated organisations.
He also work&1 on ensuring the inclusivity of the SAT events both in the year and in the future.
Julia Cleave continues her research into the question of Shak￿peare and the Renaissance and made
presentstions in the year to the Francis Bacon Research Trust and the De Vere Society.
Annabel Leventon continues publicising the work of SAT and developing relationships with other
interested individuals and parties.
Kristin Bundesen continues to trE involved in promoting SAT by refining it's public presence as the pia
to go for information about the SAQ, promoting credible research and developments. Her paper on
Fiction as a Catalyst was widely r￿e1Ved by 6 universities and their 4,500 faculty members. She is also
chief ed¢tor of the weekly substsck posts.
Robln Williams contlnues developing a line of merchandise to rdise funds for SAT both in the year and
in future years and to chan7pion the SAQ in the USA . In addition she maintains the SAT website,
keeping it up to date and current.
Lisa.Wilson continues to champion the SAQ In both the UK and USA as an independent filmmaker
(Last Will. & Testament), researcher, and Ass(Kiate of the SSLT.
Page 3

THE SHAKESPEAREAN AUTHORSHIP TRUST
EP
OR THE YEAR ENDED 5TH APRIL 2025
HIEVEME
Mad( Rylance conb'nues to promote the SAQ. He was a key component in organisng the annual
conference and the successful fund-rdising Gala, working closely with the Marylebone Theatre.
Dr Ros Barber continues to research and promote the SAQ. In the year She made presentations
to the Marlowe Society and the Marlowe &Kiety of America, published various articles and
representsd SAT at a wide variety of events.
ANISATION
A variety of documents are held at Brunel University London on the SAQ including the collettion
of the De Vere Society and documents formerly held by SAT as outlined on page 6. These
documents are accessble to all the general public, researchers, scholars.
The Authorship Question ISAQI continues to become more wdely discussed, hence the ideas
around the SAQ tEcome more mainstream and normalised. The Spa￿ occupied by the charity is
recognised a5 non-partisan and as such it play5 an imF¥)rtant role in welcoming the views of
all who are interested in the question. As part of its worf( SAT maintains close links with Brunel
University London, the Shakespeare Globe Trust and Friends of the Globe as well as with other
authorship organisations and the ￿dIeS involved in the history of the Shakespearean pencé
both in the UK and abroad, including the De Vere Society, the Francis Bacon Research Trust
and the MartDwe Society.
RESERVE
POLI
It is the policy the charity to maintsin unrestricted funds at a level that equates to at least
velve months payments to enable SAT to meet its commitments and obligations the ensuing
year, and also to cope with the flurtuations in ￿eipts and payments. This level was maintained
in the year.
The trustees wish to thank all those who volunteer their tirne at conferences, and to those
who make generous donations to the organisation, numtEred among whom are twsiees.
FU
REA
VETEE
The 2025 annual conference will be held in London on 16th November 2025 and will explo
an impK)rtant element of the SAQ. The annual conference is considered to be one of the central
events for the authorship community. The trustees are planning to hold other events.
This report wa5 approved by the trustees on 10th July 202S
and signed on their behalf
WILLIAM LEAHY
rustee)
Page 4

THE SHAKESPEAREAN AUTHORSHIP TRUST
AC
OUN
R THE YEAR ENDED
TH APRIL 202
AYMEN
2025
2024
SubscritEr subscriptions
8,549
6,435
Annual Conferen￿ (ticket sales etc)
Fund-raising Gak Performance
4,268
12,668
4,030
BcK)ks and merchandise sold (proceeds)
747
25
Donations Received
2,295
1,917
£28,527
£12,407
YME
Annual conference, Gala and members Gatherings
2,335
6,405
P￿kS and merchandise purchased for sale
805
278
Administrators, fees and expenses (admin.)
Membership SUPFK)rt
Website costs
Accountancy fees
Printing, pxJstsge5 and stationery
Bank, Pay Pal and Stripe charges
1,800
300
1,363
1,152
2,247
1,200
1,587
999
73
1,182
1,332
L PAYMENTS
£9,087
£13,971
19,440
-1,564
TH APRIL 2024
3,514
5,078
CASH FUNDS AT
TH APRIL 2
£22,954
£3,514
Page 5

AKESPEAREAN AUTHORSHIP TRusr
ACCOUNTS FOR THE YEAR ENDED
APRIL 2
ATEMENT
ILITIES
S AT 5TH APRIL 2025
ND
Cash at Bank
£22,954
£3,514
THE
Collettion of Elizabethan costume5
The collection, commi55ioned in 2006, 15 a reconstruction of
the PK)s%ble clothing for the four main authorship candidate5
Shakespeare, Francis Bacon, Edward De Vere and Mary Sidrw.
The costumes are currently stored with their designer, Jenny
Tiratnani but work 15 ongoing to find a suitable venue to
display them long term. The trustees consider it is not
possible to attribute a value to the collection.
£0
£0
Copies of "Shakespeare's Unorthodox BioJraph*'
donated to the charity to be sold in future years
£180
E200
Eooks and merchandise for sale in future years
£442
£103
LIABILITIE
Conference expenses
Adfflinistratorfs Fees and Expenses
Administratoff s Fee5 and ExFenses
1,300
250
£1,550
£0
NOTES TO THE ACCOUN
The accounts have been prepared following the guidance for accounting for smaller charitres issued
by the Charty Commission. The Receipts and Payments account is a summary of the receipt5 and
payments made by the charity during the year. Amounts are included as received or as paid. Tre
statement of assets and liabilities includes monies due to the charity and amounts due by the charity
for expenses relating to the year or previous years for which Invol￿ have been received, but
which had not been paid at 5th April 2025 and other assets held.
The charity also held a collection of historic l￿kS and papers on the Authorship Question which had
been donated to the charity over the last 100 years. Having previously been on loan to Brunel
University, the collection was transferred to Brunel in 202012021 on the basis that the charity will
have first refusal should Brunel wish to dispose of any items or no longer wish to maintain the
collettion. This arrangement should enable a much wder ac￿5 to the colleth.on for the general
public, researchers and scholars.
The accounts were approved by the trustees on: 10th July 2025
WILLIAM LEAHY (T
Page 6

RTERED A
NTANT,
REP
RT TO THE TRUSTEES ON
THE PREPARATION OF THE UNAUDITED ANNUAL ACCOUNTS OF
THE
HAKE
EAREAN AUTHORSHIP TRusr
R THE YEAR ENDED 5TH APRIL 2025
In order to assist you to fulfil your duties under the Charities Arts, we have
prepared for your approval the accounts of The Shakespearean Authorship Trust
for the year ended 5th April 2024 as set out on pages 5 and 6 which comprise
the Receipts and Payments Account, the Statement of Assets and Liabilities and
the Notes to the Accounts from the charity's accounting records and from the
Information and explanations you have provlded to us.
A5 a prattising member firm of the Institute of Chartered Accountsnts in England
and Wales we are subjert to iys ethical and other professional requirements which
are detailed at icaew.comlenlmemberslregulations-standards and guidance.
This report is made solely to the charity's trustees, as a body, in accordance with
our engagement letter. Our work has been undertaken solely to prepare for your
approval the accounts of the charity and to state those matters that we have
agreed to State to the trustees, as a body, in this report. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other
than the charity's trustees, as a bodyi for our work or for thls report.
It is your duty to ensure that The Shakespearean Authorship Trust has kept
adequate accounting records and to prepare accounts that comply with the
accounting requirements of the Charities Acts and any regulations there under
issued by the Charity Commission for England and Wales. You consider that the
charity is exempt from the ststutory requirement for ali audit or independent
examination for the year.
We have not been instructed to cary out an audit or an independent examination
of the accounts of the charity. For this reason, we do not therefore express any
opinion on the accounts.
THURsfoN WATfs & Co
Chartered Accountants
39-41 North Road
London N7 9DP
10th July 2025

THE SHAKESPEAREAN AUTHORSHIP TRU
45 Shakespeare Road
London SE24 OLA
Thurston Watts & Company
Omnibus Business Centre
39141 North Road
London N7 9DP
Dear Sirs
ccounts for the ear ended 5th A
ri1202
We confirm to the best of our knowledge and belief and hamng made appropriate enquiries of
other offloa15 of the tharity, the following representab.ons given to you in connection with your
work in preparing the accounts of the charity for the year ended 5th April 2025.
l. We acknovvledge as tnjstees our re¥x)nsibility for the accounts. All the accounb'ng records
have EEen made available to you and all the transactions undertaken by the charity have been
properfy reflected and recorded in the accounb.ng records. Al other records and related
infomation have b*n made available to you. There are no matters in the minutes of the
trustee meetings of which you need to aware and of which we have not made you aware.
2. The charity had no liabilitses, actual or contingent, at the charity's year end other than those
events disclosed or Induded in the accounts.
3. There have been no events, induding any major liligation, sirKe the charity's year end which
require disclosure or which would materially affect the amounts in the acu)unts, other than
those events disclosed or included in the accounts.
4. The charity has had at no time during the year any arraThJement, transaction or agreement to
provide credit facilities (including loans, quasi loans or credit transacbons) for the trustees nor
to guarantee or provide security for such matters.
5. We are not aware of any related party matters that require disclosure other than those matters
disclosed in the accounts.
6. The charity has not contracted for any capital expenditure nor it have any finanaal
commitments ot￿r than those matters disclosed in the accounts.
7. The charity does not have any restricted or designated funds nor ary donations other than
those disclosed in the accounts.
8. We confirm that we are mt aware of any possible or actual instsnce of non-complian￿ with
those laws and regulatiorts within whith the charity conducts its activities.
9. We consider the charity to be a going con￿rn for a period in excess of ￿e1ve months from
the approval of the accounts.
Yours faithfully
Slgned on behalf of the trustees
William L
y {Tru
ioth
July 2025