Excel 2010 - Why is VBA disabled

[snips86x]

I've attempted to enable VBA in Excel 2010. Developer mode has been enabled, but all the option below it are greyed out.

Macro settings are set to disable with notification and I cannot find a way around it.

I've also looked at editing the VBOM in REGEDIT, but the value is already set to 1.

Any ideas?

 

[Cromulent]

Are you by any chance on a corporate network or device? Sounds like the group policy security settings are disallowing VBA. I had this very same problem with a colleague at work and that was the problem.