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The Shakespeare Globe Trust

Annual Review

2009-10

April13 First Heaven to Hellbackstage tour for Friends and Patrons21 Staged reading of GeorgeGranville’s The Jew of Venice22 Half-term events begin in Shakespeare’s GlobeExhibition

2009 2010November December

6 Staged reading of WilliamSmeaton’s The Return fromParnassus 9 ‘Some Little Account ofthe Man’: a lecture by CharlesNicholl10 Southwark Schools’Concert for Winter22 Footsbarn’s A ChristmasCracker opens

6 Shakespeare TheatreAssociation of America 3-dayconference opens at the Globe 9 First of elevenundergraduate courses at theGlobe begins

January17 Annual Sonnet Walk23 Shakespeare’s BirthdayCelebrations; 2010 theatreseason, ‘Kings and Rogues’,opens with Macbeth26 Annual Comedy StorePlayers show at the Globe27 First ‘Setting the Scene’lecture29 The touring production of A Midsummer Night’s Dreamopens in Greenwich

5 Playing Shakespeare withDeutsche Bank performance of Macbeth10 Qualifications andCurriculum Developmentagency launch the new ‘ActiveShakespeare’ learningmaterials at the Globe18 Our Theatre production of A Midsummer Night’s Dream 21 Sam Wanamaker Festivalfor drama schools26 Rutgers Universityconcludes its annual semester programme with aperformance of A MidsummerNight’s Dream

February March 1 First of over 2,500schools workshops presentedby Globe Educationthroughout the year12 ‘Shakespeare’s Sonnets & Sex’: a lecture by ProfessorStanley Wells18 ‘Sounding the Sonnetsthat Shakespeare Spoke’: a lecture by Professor DavidCrystal28 Shakespeare Symposium:‘From Rowe to Shapiro’

7 ‘Shakespeare is German’season launches with thelaunch of Goethe onShakespeare 11 Neil Constable starts asthe new Chief Executive ofShakespeare’s Globe 14 ‘Shakespeare – A GermanWriter’: a celebration withSebastian Koch 28 The Merry Wives ofWindsor opens at the MichaelSchimmel Center for thePerforming Arts, New York

5 World premiere of NellLeyshon’s Bedlam10 Issue 46 of Around theGlobe published16 Teaching begins for theMA in Shakespeare Studies,‘Text and Playhouse’, withKing’s College London19 Staged reading of JohnFletcher’s The Chances

May June July 3 Henry IV Part 2 opens18 Staged reading of JohnBanks’ Virtue Betrayed24 World premiere ofHoward Brenton’s Anne Boleyn

14 Revival of the 2008production of The Merry Wivesof Windsor opens15 Staged reading of JohnFletcher and PhilipMassinger’s The Sea Voyage28 Eighteenth ‘TalkingTheatre’ event

6 Henry IV Part 1 opens12 Sam’s Day: the Globe’sannual celebration of the lifeand work of Sam Wanamaker17 The touring production ofThe Comedy of Errors opens inPortsmouth24 Sam WanamakerFellowship Lecture deliveredby Professor Peter Holland

1 First Childsplay workshop 9 Staged reading of ThomasBetterton’s King Henry IV15 Henry VIII opens25 Presentation of Globe-conceived As You Like Itinstallation at EvelinaChildren’s Hospital, Lambeth

OCTOberSeptemberAugust

Chairman’s Statement 6Chief Executive’s Statement 8Theatre 10Education 12Exhibition & Commercial Activities 14Auditor’s Statement 16Financial Commentary 18 Summarised Financial Statements 22 Income & Expenditure Charts 24Supporters 25Governance 26

Contents

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It seemed unlikely that the Globe’s 2010season could better last-year’s recession-busting performance, but it did! I’mdelighted to report that in just about everyarea under review we’ve managed to goone better than 2008/9. At a time in whichthe country at large has been fastening itsbelt even tighter, the Globe has grown inthe breadth, depth and popularity of all itsactivities. In addition, we have made a hugeadvance in the facilities the Globe can nowoffer our theatre companies and students.

This advance is the building nowcontaining the superb new Sackler Studios,which was opened by HRH Prince Philip in November, just after the reported 12-month period came to an end. The elegantexterior, preserving much of the characterof the old premises once occupied by SamWanamaker in this project’s early years,and the brilliantly conceived interior,complete with oak walls and state-of-the-art audio equipment, are a credit to thearchitects and, more fundamentally, to the faith of all those supporters whounderstand the value of our work andcould see how much more we mightachieve given the resources to do so. Doesany theatre in the country now possess

a more handsome collection of spaces in which to teach, learn and rehearse?

The realisation of the Sackler Studios is a cause for double celebration, for it hasushered in the next phase of our SecondStage Campaign – namely the completionof the Indoor Jacobean Theatre. The shellof this building, so long divided up intoprovisional rehearsal and teaching spaces,can now be vacated in readiness for itsconversion into the most exciting theatrereconstruction in the country. When thenew auditorium opens in 2013, we shall be able to offer something approaching the kind of year-round programme ofproductions that would have been familiarto Shakespeare’s own company in the early1600s. It’s an exciting prospect.

In the meantime, as the reports in thisreview testify, we can look back on a yearof terrific artistic and educationalachievement. It is always invidious to pickout highlights – and particularly in such arich and varied year – but I must mentionthe marvellous Henry IV plays, our firstproduction of these masterpieces at theGlobe. This gave our audiences not just a wonderful ensemble performance but

Chairman’sStatement

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also, in Roger Allam, a truly unforgettable,Olivier-award-winning Falstaff. And I mustalso mention the world premiere of HowardBrenton’s gripping Anne Boleyn – richlydeserving of the whatsonstage award forbest new play and further proof, if it wasneeded, of the wonderful contributioncontemporary playwrights are making to the artistic life of the Globe. On theeducation side, the Playing Shakespeareproduction of Macbeth marked the fourthyear of our collaboration with DeutscheBank and brought over 14,000 students tosee a play at the Globe at no cost, courtesyof Deutsche Bank’s generous sponsorship. It is difficult to think of a more inspiring (or straightforward) way of bringingShakespeare to so many young people. Very different, but equally exciting, was‘Shakespeare is German’, the mischievouslytitled series of imaginative public eventswhich began towards the end of the year. It was a season of which our late founder,devoted as he was to the internationalimportance of Shakespeare, would havebeen proud.

All these things and – as the followingreports suggest – far, far more have beenaccomplished under difficult economicconditions, for which congratulations aredue to the Globe’s hugely dedicated andskilled staff. And here I must also paytribute to the magnificent stewardship

of Peter Kyle, who, after leading the Globe through twelve exciting, sometimesturbulent years, stepped down as ChiefExecutive at the close of the year. He welldeserved the OBE given him in the recentNew Year’s Honours. I join all the Trusteesand indeed everyone involved in therunning of the Globe in thanking Peter for his wonderful work and in welcominghis successor, Neil Constable.

I extend thanks, too, to my fellow Trusteesand in particular to Professor Sue Robertsonand Lord Howell, who stepped down fromthe Trust just before and during the periodunder review.

Founded on one man’s vision, driven by a small team of enthusiastic and committedprofessionals, supported by an army ofdevoted volunteers and over 6000 loyalFriends, sponsored by the generosity ofindividual donors and corporations, servinga broad audience with a wide range ofservices and run without a penny of publicsubsidy, Shakespeare’s Globe has been for many years an exemplar of what anenergetic coalition of professionals andvolunteers can deliver. Long may it continue.

Roger ParryChairman

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CHIEF EXECUTIVE’S STATEMENTIt is a rare thing indeed to inherit a miracleand to be charged with the task of lookingafter it, but that is precisely what happenedto me in 1998 when I was appointed theGlobe’s first General Director.

Writing in September 1997, at the close ofthe Globe’s opening season of plays in thecompleted theatre, Sir Michael Perry, thenChairman of the Shakespeare Globe Trust,wrote, ‘I believe that achievement is one ofthe artistic and educational miracles of ourtime’. He also cautioned, however, that,‘The completion of this remarkable theatreand the wonderful success of the GlobeCompany’s 1997 season, though, must notbe allowed to obscure the fact that theShakespeare Globe Trust still has a longdistance to go. Plans for the Exhibition andthe Education Centre are not yet realized.The Trust’s fundraising task is a little overhalf finished.’

Over the course of the next 13 years, SirMichael and his successor as chairman,Roger Parry, have recorded in their AnnualReview statements an increasing sense ofpride and wonder as the achievements ofthat first season have been exceeded ineach successive year. It is no small miraclethat at the end of 2010 and in the face ofworld wide economic recession, the Globe

has presented its most successful year ever,not only in financial terms, but also in theextraordinary breadth and quality of itsartistic and educational work.

The Exhibition was completed in 2000 andthe Education and Rehearsal Centre wascompleted this year. Attention now turns to the creation of the Indoor JacobeanTheatre, which will provide a glorious newaddition to London’s theatrical landscape,and the completion of a Library andResearch Centre in which to house theremarkable collection of books gifted to the Globe by John Wolfson. The Trust’sfundraising task still has some way to go!

It has been my privilege and pleasure overthe past twelve years to be the Globe’sChief Executive and to work with aremarkably talented group of executivesand non-executives, including of course a legion of dedicated staff members toonumerous to mention. But in addition to Sir Michael and Roger, I must pay specialtribute to Robert Brooke, Chairman for so many years of the InternationalShakespeare Globe Centre Ltd and nowDeputy Chairman of the Trust, to otherofficers of the Trust, the committee chairs,the Trustees and to the members of TheShakespeare Globe Council. I am indebted

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to them all for their support, encouragementand guidance. Throughout the period, theGlobe has been enriched by the dedicationof those serving with the Shakespeare Globe Centres overseas and by its quiteremarkable and ever expanding army ofvolunteers, without whom we could notpresent our full programme of activities.Those who serve the Globe in a voluntarycapacity are the treasures that underpin our miracle.

The work that the Globe presents –whether it be at our home on Bankside,through the work of our touring companies,the appeal of the exhibition, the wide arrayof educational activities or through a rangeof online and digital media – plays to anincreasingly large, enthusiastic andinternational audience, engaging with allages and many nationalities. That work hasbeen created, supported and nurtured byhighly gifted colleagues. I consider myselffortunate indeed to have worked alongsidesome of this country’s most gifted artistsand educators. The Globe has benefitedfrom two exceptional artistic directors, bothof whom in their own styles have beenhugely successful, pioneering, innovativeand daring, while the Globe’s Director ofEducation and his teams have raised thebar and redefined what we have come to

expect of education departments intheatrical institutions.

All of this has been achieved with a senseof playfulness which lies at the very heartof all that the Globe does.

If I have been a reasonable steward and‘care-taker’ of this remarkable organization,I am content and I wish my successor asChief Executive, Neil Constable, great joyin leading the company through thechallenges and undoubted pleasures that lie ahead.

Peter Kyle OBEChIEF EXecutive 1998-2010

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TheatreFlying in the face of growing economicstrain, and news of cuts in the arts world,2010 saw the Globe produce its mostsuccessful season ever. The theme of theseason was Kings and Rogues and we had a grand flourish of both. From despots anddictators to the kindly and kingly, thetheatre was crammed full of charactersdivine and debauched.

The year began earlier than usual, with along tour of the US with Love’s Labour’s Lost,which made many new and exciting friendsfor the Globe across the States. It was sorewarding that we are now determined totry and make the touring of North Americaa regular part of what we do.

Innovation continued with our firstexperiment in winter playing. Therenowned international touring companyFootsbarn came with a specially createdshow, the Christmas Cracker, which playedover the two weeks surrounding Christmasand the New Year. Packed with stunts,wonderful music, and clowning, it filled thehouse up in chilly weather, and provedthere is a winter audience for the Globe. 

The season proper opened with a visceralMacbeth staring Elliot Cowan and LauraRogers, with an innovative design thatstretched a cloth across the yardtransforming it into the ‘ninth level of hell’.

Macbeth was followed by the rarely playedHenry VIII, which had last been seen whenthe first Globe burnt down in 1613. Wearrived at this anniversary with sometrepidation but thankfully the show passedwith no use for our sprinkler system. MarkRosenblatt’s production turned the much-maligned text into a political thriller andpacked the theatre full of the glamour andglory of the Tudor court. This was followedby the Henry IV plays. Roger Allam’sirrepressible Falstaff charmed the crowdsand earned him an Olivier award as well as an Evening Standard award nomination,and the heavyweight cast of Jamie Parker,William Gaunt and Oliver Cotton amongstothers, made for a great showcase of talentheld within our great national pageant.

The new writes were again successful, withHoward Brenton’s Anne Boleyn selling outeven before the reviews came out. Whenthe show did finally open it was receivedwith raves for play and production, and willbe revived in 2011. Our other piece of newwriting in 2010 heralded another importantGlobe first. Bedlam, by Nell Leyshon was the first piece penned by a femaleplaywright in any of the Globe’s histories. It was a terrific piece of writing whichembodied the chaos and cruelty ofAugustan London.

Our two tours continued to prove popularacross the country and Europe; audiencesturned out in all weathers for a hilariousslap-stick Comedy of Errors and a sexy rompof a Midsummer Night’s Dream. We visitedeight new venues in the UK and continuedon our now well-tread path across Poland,Norway, Austria, Malta and Germany. Wepushed forward with plans to film as manyproductions as possible, extending theseason by a week in order to accommodatethe sell-out popularity of the two Henry IVproductions and enable us to document theperformances on film (due for worldwiderelease in May 2011). Henry VIII was alsorecorded as was the tremendously popularMerry Wives of Windsor, back for its secondseason from 2008, before embarking on a US and UK tour.

As always, the deluge of atmosphere,audience and exhilaration which floods this site through the summer months seems to enable the team here to achievetremendous things, year in year out.

Dominic DromgooleArtistic Director

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Macbeth‘The strongest opener to a Globe season I have seen.’ The Times

Henry VIII‘If the Globe had a roof, this productionwould surely have blown it off... Representsthe theatre at its very best and makes for ajoyous spectacle.’ Sunday Telegraph

Henry IV‘One of this popular theatre’s finestachievements... Roger Allam strikes me asthe best Falstaff for 20 years.’ Daily Telegraph

The Comedy of Errors ‘Skilfully bring the ambience of 17th-centurytheatre into the 21st century… The energyof the cast is truly electric.’whatsonstage.com

A Midsummer Night’s Dream ‘Summer is all the sweeter for aShakespeare road trip.’ Daily Telegraph

The Merry Wives of Windsor‘This is an absolute joy... Sure to spreadsunshine wherever it goes... The timing andattention to detail are impeccable. Bliss.’Time Out

Bedlam‘Turning the Globe into a chaotic madhouseand filling it with slapstick energy andblackly gleeful exuberance.’The Independent

Anne Boleyn‘Brenton’s inventive new play... The Globe is a brilliant forum for intellectual debate.’ The Independent

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EducationThe building of the Globe Education andRehearsal Centre (the Sackler Studios) mayhave limited a growth in the number ofstudents visiting us for workshops this yearbut we were still able to develop our workwith local, national and internationalaudiences.

A Midsummer Night’s Dream was the playchosen for the annual Our Theatreproduction with a cast of over 450Southwark primary and secondary schoolstudents. We are enormously grateful toPricewaterhouseCoopers for this, thefourteenth year of their support for OurTheatre, the Globe’s flagship communityproject. PWC’s generosity is helping usraise educational achievement andemployment skills throughout Southwark.Beyond our borough, a ten-week residencyat the Evelina Hospital School in Lambethended with a site-specific performance ofAs You Like It.

80% of the bookings for our Learningprogramme at the Globe for schoolstudents and teachers were repeat visits.The fourth annual Playing Shakespeare withDeutsche Bank production was extended bya week which allowed over 14,000 studentsfrom across London to receive free ticketsfor Macbeth at the Globe. Students fromover 57% of London secondary schoolshave now participated in the PlayingShakespeare project.

Outreach courses for teachers took GlobeEducation practitioners across the UK aswell as to Italy, the Lebanon and Germany.The Globe Education Academy for Teachersin association with UC Davis, Californiasecured funding for a further three years.

Shakespeare’s Globe hosted the 2010conference for the Shakespeare TheatreAssociation of America with over 80Shakespeare Festivals represented.

20,000 German school students visited theGlobe for workshops and lectures duringthe year. Shakespeare is German was thechosen theme for the Autumn 2010 Eventsprogramme. It began with the launch of anew book of translations of Goethe onShakespeare commissioned by GlobeEducation and included a special evening‘Shakespeare – A German Writer’, starringSebastian Koch.

Globe Education was accredited by theBritish Accreditation Council and thusfulfilled UK Border Agency Requirementsthat will allow us to welcome internationalstudents for our wide range ofundergraduate and graduate courses.These include BFA acting students fromRutgers University who spend their entirethird year studying at the Globe.

Sixteen summer schools were offered thisyear for school students, undergraduatesand MFA students as well as forinternational teachers.

All 22 accredited UK drama schoolsparticipated in the 2010 Sam WanamakerFestival. Both King’s College and QueenMary University sent undergraduates to theGlobe for lectures and workshops as part oftheir degree courses and Globe Educationand King’s College celebrated the 10thanniversary of their joint MA inShakespeare Studies.

A highlight among a score of lectures givenby leading Shakespeare scholars was JamesShapiro’s visit to talk about his new book,Contested Will. Library and Archive staffbegan digitizing VHS and DVD archiverecordings of Globe productions and theArchitecture Research Group continued to test published research regarding theWorcester College, Oxford plans for a 17th-century theatre. This will inform thebuilding of the Indoor Jacobean Theatre on the Globe site that will follow thecompletion of the Sackler Studios.

In September we said a fond farewell toDeborah Callan, Globe Education’s Head of Department and Events, who left theGlobe after 18 years of dedicated service.

Patrick SpottiswoodeDirector, Globe Education

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Exhibition & Commercial

Despite a continuing challenging economiccontext, all the Globe’s major income-generating activities performed vigorouslyin 2009/10.

The Exhibition and Theatre Tour, which is offered all year round to visitors, for a second year welcomed over 300,000visitors, thereby putting it in the top tenvisitor attractions on the London Pass

scheme. The guided tour of the theatre inparticular continued to represent a highlyattractive proposition to both domestic and overseas visitors with survey dataconsistently demonstrating very highsatisfaction levels. Within the Exhibition wecontinued to deliver a vibrant programmeof small temporary exhibitions. Theseincluded Shakespeare’s Treasure, a collection

of 37 watercolours inspired by the plays of Shakespeare and paintings from theNational Gallery, and Patients & Psychiatrists,featuring etchings of staff and patients at Bethlem Royal Hospital, whichcomplemented the 2010 production of Bedlam. In addition, we continued to enhance the overall visitor experience with an extensive range of displays,

demonstrations, activity weekends andstory-telling sessions covering topics suchas sword-play, costume-dressing, printingtechniques and woodworking; allcontributing to our mission of promotingthe understanding and enjoyment ofShakespeare in performance. In 2008/9 we ran some 800 events in the Exhibition;in 2009/10 this was increased by some

Activities

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50%, to over 1,200 events. The financialperformance of the Exhibition & Tour wassimilarly impressive with the bottom-linecontribution outstripping budget by 18%.

Our secondary income-generating activitiesof retail and catering also fared very welldespite a difficult trading year for thesesectors in general. The Globe shop onceagain exceeded all income, margin andbottom-line contribution expectations andturned in a net contribution for the year10% ahead of budget. Although the yearstarted slowly, principally due to adverseweather and travel disruptions, the verysuccessful – and extended – theatre seasonprovided a strong visitor trading base onwhich we were able to capitalise. A widerange of improvements were made to theshop’s lighting, merchandising and generalproduct-offering over the year. The greatlyincreased average transaction valuesclearly demonstrate that we are providing

customers with what they want. We have always offered a relatively highproportion of Globe-branded merchandise(circa 80%) within the shop and wecontinued throughout 2009/10 to developattractive bespoke ranges linked to theatreproductions and to create moremerchandise which reflects the Globe’sunique architecture. The latter part of theyear saw intense preparations being madefor the launch of a new online shop inSpring 2011, which we believe will lead to a step-change in our retail performanceand, very importantly, provide us with anopportunity to further expand the product-offering and cater for a more diverseaudience than that which currentlypatronises the on-site shop.

Concession income from the catering andevents operation, managed by Swan, grewby 14% on last year with hospitality eventsperforming well in a difficult market. The

bar and restaurant business continues toshow substantial growth on the back ofbuoyant theatre audiences but also as aconsequence of the continually improvingreputation of the Swan Bar and Brasserieas a destination drinking and diningexperience. As a result of more vigorousPR activity by Swan over the year, therestaurant in particular has enjoyed somevery positive national press and broadcastmedia coverage. A pilot for a major TVseries based on Elizabethan cookingtechniques has already been filmed and is being marketed to major televisionchannels.

We have long recognised that the realcommercial potential for the Globe existsbeyond our Bankside site via theexploitation of the Globe brand. In order to ensure that the brand (and particularlyits visual manifestations) is suitable for suchexploitation, we have developed a new

graphic identity which we started to roll outin the latter part of the year. The newidentity provides a strong and consistentdesign framework for all future printedcollateral and communications activity andwill be reflected across new digital formatsincluding a totally new Globe websitewhich will be launched early in the nextfinancial year.

Mark SullivanCommercial Director

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We have examined the summary financialstatement for the year ended 31 October2010 set out on pages 18 to 24.

Respective responsibilities of trusteesand auditors

The trustees are responsible for preparingthe Annual Review in accordance withapplicable United Kingdom law.

Our responsibility is to report to you ouropinion on the consistency of the summaryfinancial statement within the AnnualReview with the full annual financialstatements and the Trustees’ Report, and its compliance with the relevantrequirements of section 427 of theCompanies Act 2006 and the regulationsmade there under.

We also read the other informationcontained in the Annual Review andconsider the implications for our report if we become aware of any apparentmisstatements or material inconsistencieswith the summarised financial statement.The other information comprises only theinformation contained in pages 1 to 15 of this Annual Review.

AUDITOR’S STATEMENT

Our report has been prepared pursuant tothe requirements of the Companies Act2006 and for no other purpose. No personis entitled to rely on this report unless sucha person is a person entitled to rely uponthis report by virtue of and for the purposeof the Companies Act 2006 or has beenexpressly authorised to do so by our priorwritten consent. Save as above, we do notaccept responsibility for this report to anyother person or for any other purpose andwe hereby expressly disclaim any and allsuch liability.

Basis of opinion

We conducted our work in accordance withBulletin 2008/3, ‘The auditor’s statementon the summary financial statement in theUnited Kingdom’ issued by the AuditingPractices Board. Our report on the charity’sfull annual financial statements describesthe basis of our opinion on those financialstatements and on the Trustees’ Report.

Opinion

In our opinion the summary financialstatement is consistent with the full annualfinancial statements and the Trustees’Report of The Shakespeare Globe Trust forthe year ended 31 October 2010 andcomplies with the applicable requirementsof section 427 of the Companies Act 2006,and the regulations made there under.

BDO LLP, Statutory AuditorEpsomUnited Kingdom21 March 2011

BDO LLP is a limited liability partnershipregistered in England and Wales (withregistered number OC305127)

Independent Auditor’s statement to Members of The Shakespeare Globe Trust

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Excluding funds received in respect of itsCapital Campaign and net of associatedcosts, the Trust generated an operatingsurplus of £0.327 million (2009: £0.063million) for the year to 31 October 2010(2009: 55 weeks to 7 October 2009) onconsolidated operating income of £14.645million (2009: £13.833 million). In sum, andincluding funds received in respect of itsCapital Campaign, the Trust reported asurplus of £2.224 million (2009: £1.536million) in its statutory accounts for the yearto 31 October 2010 (2009: 55 weeks to 31October 2009) on consolidated income of £16.615 million (2009: £15.530 million).

Principal funding sources

Shakespeare’s Globe receives no directannual government subsidy for its coreartistic and educational work. We rely onour own ability to generate income,supported by fundraised income from anumber of sources including friends andpatrons, corporate partnership funding andsponsorship, grants and donations, as wellas a significant contribution fromvolunteers to carry out some of ouractivities.

Around three-quarters of the Trust’sincoming resources derive from primary

purposes in the form of admission chargesto the theatre and exhibition, together withfees for educational services. Secondaryrevenue is generated largely from visitorspending in the on-site shop and cateringand facilities hire. Recurring annualsponsorships, corporate support andgeneral donations make up less than 10%of the group’s annual incoming resources.

Result for the year

Consolidated operating income at £14.645million (2009: £13.833 million) was up 6% on the previous year, mainly due to anexceptionally successful theatre season atthe box office. Trading income continues to provide much-needed support to ourcharitable activities, contributing 19% oftotal operating income in 2010 (2009: 19%).

The 2010 Kings and Rogues theatre seasonincluded nine productions, seven played at the Globe’s home on Bankside, one ofwhich then toured to the USA, and twowere presented on tour in the UK andEurope. These productions comprisedseven of Shakespeare’s plays (including one revival) and two new plays.

The Globe’s theatre season at Banksidecomprised 255 performances compared to 273 in the previous year, attracted over

FINANCIAL commentary350,000 theatre attendees and played to91% attendance capacity overall, up 4% on the previous year. Approximately 40% of our audience paid only £5 to stand as‘groundlings’ to watch our performances.We estimate in the region of 50% of ouraudience is under 35 years of age.

Two small-scale Shakespeare productionsplayed to approximately 38,000 people at over 30 venues across the UK and inEurope, and regularly achieved full houses.In addition there was a full-scale touracross North America of our production of The Merry Wives of Windsor. It played to substantial houses and helped to developnew and existing relationships.

Education fees were down 9% on theprevious year, reflecting a loss of availablestudio spaces whilst the new Education andRehearsal Studios were being created. Thisincome was boosted by the generoussupport received in respect of this year’sPlaying Shakespeare project (Macbeth) fromDeutsche Bank. This provided free theatretickets for over 14,000 12-16 year olds fromacross London boroughs and a series ofworkshops in schools and at the Globe forover 1,200 London students. DeutscheBank has pledged finance towards similarprojects for the next two years.

The Lively Action programme of workshopsdesigned specifically for children from theages of 5 to 18 welcomed over 80,000students to the Globe for half or one-dayworkshops from over 2,500 schools, ofwhich 70% were repeat visits. Educationwork within the Southwark communityincluded a production of A MidsummerNight’s Dream, which involved over 400students on stage and was again supportedby PricewaterhouseCoopers. Excellence in Southwark funding enabled GlobeEducation to actively engage with schoolsin the community and included thedevelopment of three Southwark youththeatres. We need to find alternativefunding for our work in Southwark schoolsnow that Excellence in Southwark fundinghas run its course.

The Exhibition & Theatre Tour attracted307,000 paying visitors (2009: 309,000) andgenerated income of £1.993 million (2009:£2.004 million). The Exhibition was attendedfree of charge by 5,352 visitors as part of our policy to provide free access on theSunday (18 April) preceding Shakespeare’sBirthday (23 April).

Trading income of £2.740 millionrepresented an improvement of 4% on theprevious year (2009: £2.633 million). Incomefrom the Trust’s catering facilities grew by

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14% and retail activities achieved growth of 5% on the previous year, both of whichwere pleasing results in the currenteconomic climate.

The Trust’s fundraising activities continueto range from the development of fundingpartnerships with the corporate sector andgrant-making trusts to the promotion of arange of individual giving and membershipscheme opportunities through the Friendsof Shakespeare’s Globe (‘the Friends’),Patron Schemes and other on-goingappeals, in addition to our CapitalCampaign discussed further below. Theprimary focus through all of these fund-raising activities is to generate revenuesupport for the Trust’s educational andtheatre programmes, with particularemphasis on the community education and outreach work carried out by GlobeEducation.

Unrestricted donations of £0.384 million(2009: £0.501 million) were down 23% on the previous year. This includes Friendssubscriptions and donations whichamounted to £0.299 million (2009: £0.372million), down on the previous year due to aone off donation that year of £0.075million.

Restricted Donations totalled £2.391million (2009: £2.013 million), of which£1.954 million (2009: £1.697million) relatesto our Capital Campaign. Restricted fundsto support our Education and Theatreactivities totalled £0.275 million (2009: 0.327million). Other restricted monies received in2010 include £0.050 million to carry out aMaster Planning exercise for the Globe’sestate and £0.075 million to support newbranding and PR initiatives.

In addition, one of the two remainingexternal preference shareholders, to whomthe Trading Company owes a long termliability, surrendered their shares to theTrust during the period, following thesurrender by eight preference shareholdersin the previous year. This has improved theGroup’s cash flow by a further £0.005million per annum (2009: £0.040million) andreduced its long term liabilities by a further£0.3 million (2009:£2.5 million).

The Trust relies on a significant contributionfrom volunteers to carry on its activities,mostly in the form of a growing pool of over 500 enthusiastic and dedicatedvolunteer stewards who provide essentialhouse management support throughout thesummer theatre season and at other publicevents from time to time. Other volunteerswork on the donations/Friends’ desk in thetheatre foyer, helping with the Trust’s fund-raising efforts by accepting donations fromtour groups and other visitors to the Globeall year round.

No monetary amount has been included inthe Trust’s voluntary income for the periodto reflect the value of the ‘in kind’ supportprovided by the Trust’s volunteers. It is estimated, however, that the in kindcontribution from volunteer theatrestewards, many of whom are also membersof the Friends’ scheme, exceeded 36,000hours over the year, at an estimated valuein excess of £0.235 million per annum.

Consolidated operating expenditureamounted to £14.318 million (2009: £13.770million), an increase of 4% on the previousyear.

£0.3 million of this increase relates to thecost of filming four of our Shakespeareproductions for subsequent release via a range of media, undertaken for thesecond year running but financed for thefirst time from our own resources; it isexpected that related future revenuestreams will enable such annual investmentto become self financing over a period of time.

The balance of the increase to expenditureon the previous year relates to greaterinvestment in maintaining the Trust’sbuildings and its facilities to ensure theycontinue to be ‘fit for purpose’.

Capital expenditure amounted to £3.222million over the period (2009: £1.737 million).Of this £3.016 million related to the creationof the Sackler Studios – the Globe’s newEducation and Rehearsal Centre, as part of the overall £6.1 million project – bringingthe cumulative spend on this project to theend of October 2010 to £4.296 million. Thebalance of outstanding expenditure relatesto the purchase of the freehold for whichpayment is not due until March 2011,contract retentions with the principalcontractor and some minor additional fitting out works to provide a public café to be carried out in January 2011.

The remaining £0.206 million of capitalexpenditure included a box office systemupgrade, upgrades to our computer backupsystems, replacement archiving equipmentto record each production for research and archival purposes, a new show relaysystem, and some electrical and fire alarmupgrade works.

Total net assets of the group at the balancesheet date were £31.607 million (2009:£29.070 million). Consolidated unrestrictedassets as at 31 October 2010 were £3.698million, sufficient to meet the Trust’sreserves policy as detailed below.

In 2008 the Trust determined to enhanceits facilities to better support its charitableactivities by creating:• a custom-built Education and Rehearsal

Centre• a faithfully reconstructed 17th-century

Indoor Theatre• a Library and Research Centre

The combined cost of these three projectswas estimated at £20 million and the Trustlaunched a Capital Campaign in support of these projects in the same year. Cashdonations and pledges, including £2.6million committed by the Trust from itsown resources, amounted to £7.4 million at the end of this financial year.

Work to create the new Globe Educationand Rehearsal Centre, now named SacklerStudios in recognition of a £1.5 million giftfrom the Mortimer Sackler Foundation, wasall but complete by the end of the financialyear. The Centre comprises four neweducation studios and a rehearsal spacewith dimensions to reflect the Globe’s stageand is located at 1 Bear Gardens, one blockaway from the main Globe site.

The project was successfully completed byour contractor, Durkan Ltd, with one of theoriginal architects for the reconstructedGlobe Theatre, Jon Greenfield, responsiblefor the core structure of the building andplanning, and Eldridge Smerin, architects

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responsible for the interior look and feel of the building.

The project was completed on budget, at £6.1 million; the building was officiallyopened by HRH The Duke of Edinburgh on10th November 2010, and will become fullyoperational in early 2011.

The second phase of the Trust’s CapitalCampaign, a £7 million campaign to fundthe interior fit out of the Indoor JacobeanTheatre located on the Globe’s main site,will commence in early 2011. Subject to raising the necessary funds it is hopedthis project might start towards the end of2012 with the opening of the new IndoorJacobean Theatre at the end of 2013.

Financial Management policies

The principal financial management policycontinues to be the conservation of long-term charitable funds and improvingreserves, whilst ensuring that adequateworking capital is maintained to undertakeefficiently the full range of the Trust’scharitable activities.

Reserves policy

The Globe’s unrestricted charitablereserves will be maintained in the followingmanner:• A minimum level of liquid reserves

of £1.6 million to be held by way ofoperating contingency at all times;

• Designation of a £1 million facilitiesmaintenance and renewal fund.

The Trust’s consolidated unrestrictedreserves as at 31 October 2010 of £3.698million meet the needs of this policy. TheTrust’s designated reserves include £2.6million of its own resources allocated to its Capital Campaign.

The Trust’s reserves policy is subject toregular review to ensure that its retainedreserves meet the long term needs of theorganisation on an ongoing basis.

As with last year, the Trust starts this newfinancial year in an economically uncertainenvironment. This presents significantchallenges for an organisation committedto the continued development of itscharitable activities but solely reliant on its own ability and the contribution of itssupporters to generate funds, particularlywhen also delivering a necessary capitalprogramme to better support suchactivities. The main challenges in 2011 are:• Maintaining income from commercial

activities and fundraising in the currenteconomic climate in order to continue to support the planned level of charitableactivities.

• Achieving theatre attendance levels of 75% to 85%.

• Growing visitor numbers (currently300,000) and yield to the Exhibition & Theatre Tour.

• Optimising use of the new GlobeEducation and Rehearsal Centre.

• Developing a ‘Master Plan’ for the site, to realise the second and third phase of the Trust’s capital development plans:a 17th-century Indoor Theatre and aResearch Centre and Library, and tocreate new facilities to enable the growthof our commercial revenue.

• Raising the balance of the CapitalCampaign funding needed to enable the completion of the Trust’s capitaldevelopment plans outlined above.

We embrace these challenges with acommitted team and a highly valued familyof supporters.

Liz FosburyChief Finance and Operating OfficerShakespeare’s Globe1 February 2011

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Summary consolidated operating income and expenditure account

52 weeks to 55 weeks to 31 October 2010 7 October 2009

£'000 £'000

Income Theatre & Exhibition Admissions, Educational Services and Touring net income 10,947 10,246 Other trading receipts 2,740 2,633 Partnership funds, including donations, legacies and other gifts 804 817 Bank interest receivable 154 137

Total operating income 14,645 13,833

Expenditure Fundraising costs 143 353 Personnel costs (including theatre performers and education practitioners) 5,457 5,339 Primary purpose charitable trading expenditure (non-staff related) 4,054 3,327 Other trading costs 837 979 Marketing costs 318 410 Facilities, property and other support costs 2,150 1,974 Net depreciation 1,319 1,349 Governance 41 40

Total operating expenditure 14,318 13,770

Operating surplus 327 63

Capital campaign funds received 1,970 1,697

Capital campaign direct costs (73) (224)

Net capital campaign funds received 1,897 1,473

Total surplus 2,224 1,536

Subsidiary company share transfer 312 2,565

Adjusted surplus 2,536 4,101

These summarised financial statements are a summary of information extracted from the statutory Annual Report andAccounts for the year ended 31 October 2010. They may not contain sufficient information to allow for a fullunderstanding of the financial affairs of the charity. For further information, the full annual accounts, the auditor’s reporton those accounts and the Trustees' Annual Report should be consulted. Copies of these can be obtained from the ChiefFinance and Operating Officer, Shakespeare’s Globe, 21 New Globe Walk, Bankside, London SE1 9DT.

Roger ParryChairman For and on behalf of the Board of Trustees, 21 March 2011

Summarised Financial Statements

Operating income comprises all income received during the yearexcluding funds received in respect of the Trust’s capitalcampaign, shown separately below; total incoming resourceswithin the Trust’s statutory accounts include capital campaignincome. Similarly, operating expenditure excludes directfundraising costs in respect of the capital campaign, shownseparately below; total resources expended as per the statutoryaccounts include such costs.

The annual accounts were approved on 21 March 2010.The accounts have been audited by a qualified auditor,BDO LLP, who gave an audit opinion which was unqualifiedand did not include a statement required under section 237(2) and (3) of the Companies Act 1985.

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Summary consolidated balance sheet At 31 October At 31 October 2010 2009

£'000 £'000

Fixed assets 24,723 22,702

Current assets 10,027 8,913 Creditors: amounts due within one year (2,275) (1,421)

Net current assets 7,752 7,492 Total assets less current liabilities 32,476 30,194 Creditors: amounts due after more than one year (869) (1,124)

31,607 29,070

Capital and reserves Accumulated funds

Designated 18,850 14,077 Unrestricted 3,698 5,025 Restricted 8,894 9,808

31,442 28,910

Capital redemption reserve 165 160

31,607 29,070

Consolidated cash flow statement 52 weeks to 55 weeks to 31 October 2010 31 October 2009

£'000 £'000

Net cash inflow from operating activities 2,951 2,720

Interest received 153 137 Decreases in cash on deposit (1,000) (3,000) Purchase of tangible fixed assets (3,222) (1,737)

Net cash inflow before financing (1,118) (1,880)

Increase in cash and cash equivalents (1,118) (1,880)

10%

3%

14%

7%

24%

fundraising costs

personnel costs (including theatre performers & education practitioners)

primary purpose charitable trading expenditure (non-staff related)

other trading costs

marketing costs

facilities, property & other support costs

net depreciation

governance

The Shakespeare Globe Trust Consolidated Expenditure

theatre & exhibition admissions, educational services & touring net income

other trading receipts

partnership funds, including donations, legacies & other gifts

bank interest receivable 74%

19%

39%

6% 1%

0% 3%

20092010Income & Expenditure Charts

The Shakespeare Globe Trust Consolidated Income

75%

19%

5% 1%

9%

2%

15%

6%

29%

38%

0% 1%

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SupportersMAJOR PARTNERSDeutsche BankPricewaterhouseCoopers

MEDIA PARTNERSFinancial Times

CORPORATE SUPPORTERSThe Arden ShakespeareSJ Berwin LLPCommerzbank AGCredit SuisseManchester University PressMaviga International (Holdings) LtdOld Mutual plcReed ElsevierS-E-T StudienreisenSpotlightStandard Chartered BankSumitomo Corporation Europe Ltd

IN-KIND SUPPORTERSFord Motor Company LtdHurtwood PressJohn Good

CORPORATE MEMBERSBates Wells & Braithwaite London LLPChubb Insurance Company of Europe SEMizuho International plcSAGE PublicationsSapphire Systems plc

TRUSTS & FOUNDATIONSThe 29th May 1961 Charitable TrustAnonymousThe Bernard Sunley Charitable FoundationThe Boris Karloff Charitable Foundation The Boshier-Hinton FoundationCoutts Charitable TrustThe Eranda FoundationThe Eric Anker-Petersen CharityThe Fidelio Charitable TrustFidelity UK FoundationThe Garfield Weston FoundationThe Golsoncott FoundationThe Gosling FoundationThe Harold Hyam Wingate FoundationThe John Coates Charitable TrustJohn Lyon's CharityThe Leche TrustThe Leverhulme TrustDr Mortimer and Theresa SacklerFoundationThe Peter Harrison FoundationThe Royal Victoria Hall FoundationThe Sidney E Frank FoundationThe Steel Charitable TrustThe Thompson Family TrustThe Wates FoundationThe Wolfson Foundation

INDIVIDUALSDirector’s CircleBruce Carnegie-Brown Martin ClarkeIraj & Eva IspahaniClive LampardMark & Liza LovedayBrian MitchellDanny Witter

NoblesAdrian Babbidge & Rosemary EwlesMichael CappNicholas CraigDavid & Olga DaltonRobert & Sara ErithMartin GillJames HarveyAndre HoffmannDavid & Eleanor HollowayJohn Holser Sir Michael & Lady PerryDyrk & Margaret RiddellSusan RobinsonTeresa SatterthwaiteStephan & Rosamund ShakespeareDr David SpellerBrian SymonsJohn & Madeleine TuckerJoan Weberman

CourtiersRuna AlamKirsty Jane AnsonDavid & Beverley BanksJohn CallaghanStephen CattellThe Cielinski FamilyAngel Collado-SchwarzNeil Constable & Chris MartinSheila DavisWilliam DavisMary Jane DonaldsonLiz FascianaNick GrewalJohn & Pauline HunterPeter KingStephen LucasDarren NewmanMartin PayneColin PearsonAlison ReeveMichael & Janice RichLadislaus von HoffmannGail Wiegman

THE FRIENDS OF SHAKESPEARE’s GLOBE

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Governance

Sir Michael Perry GBEChairman

Lyn WilliamsConvenorSheila AllenGene AndersenLucy BaileyMerrick Baker-Bates CMGRobert BanksKeith BaxterLinda BeaneyLucy Beevor Henry BeltranLord Bichard of NailsworthLord Birkett

Christina Blair Lyle Blair Lord Blair of BoughtonRudi BogniLiz BrewerTony Britton Robert BrookeBill Bryden CBEAlan ButlandLord Butler of BrockwellGCB CVOAudre CarlinBruce Carnegie-BrownJeremy ChildMartin ClarkeAlan CoxBrian Cox CBEKenneth CranhamJonathan DavidGordon DavidsonBarry Day OBESir Evelyn de RothschildProfessor Alan DessenTom DevesonDr Diana DevlinStephen DingleJoe DowlingMark EngelmanRobert ErithFaith EvansPaul FarnsworthAnton FranksAndrew Fraser CMG

Barbara Gaines Hon. OBEPeter Gill OBE Anne GilmourEmma Gilpin-JacobsJulian GloverCharles GoldmanKenneth Grange CBEJon GreenfieldProfessor Andrew GurrDaniel HahnJackie HaightonPatrick HaightonSir Peter HallRosemary HarrisSue HarrisonSandra HepburnJohn HignettProfessor Frank HildyValerie Hill-ArcherAnastasia HilleThelma Holt CBEPolly HopeJeffrey HorowitzLord Howell of GuildfordLady Clare HowesIraj IspahaniGraham JacksonLennie JamesJean JayerPeter JollyMichael Kahn Ken KellingPeter Kent CMG

The Shakespeare Globe TrustHRH The Prince PhilipPatronTrusteesRoger ParryChairmanRobert BrookeDeputy ChairmanStephen DingleHonorary TreasurerSpencer WigleyHonorary SecretaryLord Bichard of NailsworthLord Blair of BoughtonBruce Carnegie-BrownMartin ClarkeNeil ConstableDr Diana DevlinAndrew Fraser CMGIraj IspahaniValerie Mitchell OBESir Michael Perry GBEDavid PickardDame Mary Richardson

In attendance at Board meetingsZoë Wanamaker CBEHonorary President

Norbert KentrupAlan King Geoffrey KingNancy Knowles-KoldenPeter Kyle OBEJane LapotaireRobert LeafJerome Link OBEJames ListerChris LuscombeJoseph MarcellCharles MarowitzDawn McCormick DeanJohn McEneryDr Gordon McMullanValerie Mitchell OBELady Belinda MorseDominic Muldowney Philip MurphyHeather NeillLady Rupert NevillYukio NinagawaRichard OlivierRoger ParryDavid PickardIan Plenderleith CBEProfessor RichardProudfootVelma PursehouseDr Martin P ReadDame Mary RichardsonNelson Skip RiddleProfessor Sue Robertson

The Shakespeare Globe Council

John Rodwell Anne RowleyMark RylanceDawn Sanders QSMPrunella Scales CBEStuart Sessions MBEBarry ShawJack ShepherdRobert D Smith CMGTom StephensJeanne StricklandJenny TiramaniPatrick TuckerClaire van KampenYolanda VazquezAbby WanamakerZoë Wanamaker CBEMatthew WarchusAnn Ward Professor Stanley WellsCBEMartin WestwoodProfessor Martin WhiteJohn WhitneySpencer WigleyAlan WilliamsAnnie WolfeMichael York OBEFranco Zeffirelli

Executive CommitteeNeil ConstableChief EXecutive (fromNovember 2010)

Dominic DromgooleArtistic DirectorLiz FosburyCHIEF FINAnCE & OPERATINGOFFICERAnthony HewittDIRECTOR OF DEVELOPMENTPatrick SpottiswoodeDirector, Globe EDucationMark SullivanCommercial DIRECTOR

Design C&C Design Ltd

Photography Elliot Franks, Manuel Harlan, John Haynes, Ellie Kurttz, Pete Le May, LeeMawdsley, Graham Michael, Fiona Moorhead, Keith Pattison, John Tramper

Shakespeare’s Globe 21 New Globe WalkLondon SE1 9DT

020 7902 1400 shakespearesglobe.com

The Shakespeare Globe Trust, a limited company registered in Englandand Wales No.1152238 and registered charity No. 266916. ShakespeareGlobe Trading Limited registered in England and Wales No. 997433.