Annual Report and Financial Statements
30 April 2022
BAILLIE GIFFORD
UK GROWTH TRUST PLC
1 Financial Highlights
Strategic Report
2
Chairman’s Statement
4 One Year Summary
5 Five Year Summary
6 Ten Year Record
7 Business Review
11 Managers’ Report
13 The Managers’ Core Investment
Principles
13
The Managers’ Stewardship Principles
13 Climate Transition Framework
14 ESG Engagement
16 List of Investments
Governance Report
18
Directors and Management
20 Directors’ Report
24 Corporate Governance Report
28 Audit Committee Report
30
Directors’ Remuneration Report
32 Statement of Directors’ Responsibilities
Financial Report
33
Independent Auditor’s Report
38 Income Statement
39 Balance Sheet
40 Statement of Changes in Equity
41 Cash Flow Statement
42 Notes to the Financial Statements
Shareholder Information
53
Notice of Annual General Meeting
58 Further Shareholder Information
59 Cost-effective Ways to Buy and Hold
Shares in Baillie Gifford UK Growth Trust
60
Communicating with Shareholders
62 Glossary of Terms and Alternative
Performance Measures
64
Sustainable Finance Disclosure Regulation
(‘SFDR’)
Contents
Notes
None of the views expressed in this document should be construed as advice to buy or sell a particular investment.
Investment trusts are UK public listed companies and as such comply with the requirements of the UK Listing
Authority. They are not authorised or regulated by the Financial Conduct Authority.
Baillie Gifford UK Growth Trust plc currently conducts its affairs, and intends to continue to conduct its affairs,
so that the Company’s Ordinary Shares can qualify to be considered as a mainstream investment product and
can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the rules
of the Financial Conduct Authority (FCA) in relation to non-mainstream investment products.
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.
If you are in any doubt as to the action you should take you should consult your stockbroker, bank manager, solicitor,


If you have sold or otherwise transferred all of your holding in Baillie Gifford UK Growth Trust plc, please forward this
document, together with accompanying documents, but not your personalised Form of Proxy, as soon as possible to
the purchaser of transferee, or to the stockbroker, bank or other agent through whom the sale or transfer was or is
being effected for delivery to the purchaser or transferee.
Investor Disclosure Document
The UK Alternative Investment Fund Managers Regulations requires certain information to be
made available to investors prior to their investment in the Company. The Company’s Investor
Disclosure Document is available for viewing at bgukgrowthtrust.com.
Cover image: © Chris Close.
Baillie Gifford UK Growth Trust plc 01
Financial Highlights – Year to 30 April 2022
Share Price -27.9% NAV -16.0% Benchmark
*
8.7%


A
2021
DJ FMJ J
A
S
O N
A
2022
M
60
80
120
100
Financial Highlights
The principal investment objective of the Company is to
achieve capital growth predominantly from investment
in UK equities, with the aim of providing a total return
in excess of the FTSE All-Share Index.
A
2021
DJ FMJ J
A
S
O N
A
2022
M
(15%)
(10%)
5%
(5%)
0%
*
†



NAV, Share Price and
Benchmark Total Return
†


Share price

*
(Discount)/Premium
†
to Net Asset Value



02
Strategic Report
Chairman’s Statement


Strategic Report
Performance
















Gearing






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











Carolan Dobson, Chairman
Baillie Gifford UK Growth Trust plc 03
Strategic Report


Environmental, Social and Governance (‘ESG’)
Considerations




























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












04

Strategic Report
30 April
2022
30 April
2021 % change
  
   
Share price   
 
   
   

*  

*  

*  
Year to 30 April 2022 2021
Total returns (%)*
  
Share price  
  
Year to 30 April 2022 2022 2021 2021
Year’s high and low High Low High Low
    
Share price    

*    
30 April
2022
30 April
2021
Net return per ordinary share
  
  
Total (37.50p) 65.06p
*


One Year Summary
Baillie Gifford UK Growth Trust plc 05




(Discount)/Premium* to Net Asset Value

Five Year Total Return
*
Performance

Sour
ce: Refinitiv/Baillie Gifford and relevant underlying index providers
†
.
(Discount)/premium
The (discount)/pr
emium is the difference between UK Growth’s quoted share price
and its underlying net asset value.
2017
Years to 30 April
2019 2020
2021
2022
2018
(15%)
(10%)
(5%)
5%
0%
Annual Net Asset Value and Share Price Total Returns
*
Annual Net Asset Value and Share Price Total Returns
*

#

Source: Refinitiv/Baillie Gifford and relevant underlying index providers
†
.
NAV return
Share price return
2018
Y
ears to 30 April
2019 2020
2021
2022
(40%)
(20%)
20%
40%
0%
-30
-15
0
15
30
45
60
Sour
ce: Refinitiv/Baillie Gifford and relevant underlying index providers
†
.
NAV return
Share price return
2018
Y
ears to 30 April
2019 2020
2021
2022
(30%)
(15%)
0%
30%
60%
45%
15%
2017
2019 2020
2021
2018
Source: Refinitiv/Baillie Gifford and relevant underlying index providers
†
.
Share price
NAV
Benchmark
#
120
100
80
180
160
140
*
†

#


Five Year Summary
Strategic Report
06
Strategic Report

Ten Year Record
Revenue Gearing Ratios
Year to
30 April
Gross
revenue
£’000
Available
for ordinary
shareholders
£’000
Revenue
earnings per
ordinary share
p
Dividends paid
and proposed
per ordinary
share
p
Ongoing
charges
ratio
#
%
Equity
gearing
‡
%
Potential
gearing
%
   
   
   
   
   

§
  
   

§
 
   
  
   
  
   
  
   

** 
   
  

    
2022 7,787 6,737 4.39 3.91 0.63 2 2

#

‡


§

**


Capital
At
30 April
Total
assets
£’000
Borrowings
£’000
Shareholders’
funds
£’000
Net asset value
per share *
p
Share
price
p
(Discount)/
premium
†
%
      
      
      
     
     
     
      
     
     
      
2022 309,383 6,450 302,933 197.4 174.2 (11.8)

*
†


Cumulative Performance (taking 2012 as 100)
At
30 April
Net asset value
per share
Net asset value
total return *
Share
price
Share price
total return * Benchmark
^
Benchmark
^
total return *
Revenue
earnings per
ordinary share
Dividends paid
and proposed
per ordinary
share
      
 
        
        
        
        
        
        
        
        
        
2022 143 182 138 178 140 201 126 112
Compound annual returns
        
        

* 
^

Baillie Gifford UK Growth Trust plc 07

Business and Status




















Investment Objective




Investment Policy































Performance



Key Performance Indicators



 

 

 

 

 

 
 






Borrowings






Principal and Emerging Risks












Business Review
Strategic Report
08
Financial Risk















Investment Strategy Risk











Climate and Governance Risk












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Discount Risk
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





Strategic Report
Regulatory Risk


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
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
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
Custody and Depositary Risk
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




Operational Risk
















Cyber Security Risk










Baillie Gifford UK Growth Trust plc 09
Strategic Report
Leverage Risk











Political Risk




Emerging Risks 













Viability Statement














































Section 172 Statement





 
 
 

 

 

 






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







 


 




 





Employees, Human Rights and Community Issues








Gender Representation



Environmental, Social and Governance Policy









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Future Developments of the Company







Strategic Report
Baillie Gifford UK Growth Trust plc 11
Strategic Report
Managers’ Report




















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

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
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




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
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
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








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



12
Strategic Report

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

Bailli

Baillie Gifford UK Growth Trust plc 13
The Managers’ Core Investment
Principles
Investment Philosophy




Growth









Patience




*



















The Managers’ Stewardship
Principles




Prioritisation of long-term value creation


Sustainable business practices



Fair treatment of stakeholders




A constructive and purposeful board


Long-term focused remuneration with stretching
targets


Strategic Report
* 






 
 
 


 
 
 

 
 

Climate Transition Framework
14
ESG Engagement
Prudential


















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Abcam
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



Strategic Report











Genus

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











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

















Baillie Gifford UK Growth Trust plc 15
Strategic Report
Rio Tinto








































16
List of Investments at 30 April 2022
Name Business
Fair value
£’000
% of total
assets

Rio Tinto Metals and mining company 8,622 2.8
Bodycote   
   
17,171 5.6
Consumer Discretionary
RELX Professional publications and information provider 11,416 3.7
Games Workshop Toy manufacturer and retailer 11,022 3.6
Howden Joinery Manufacturer and distributor of kitchens to trade customers 10,949 3.5
   
   
   
   
   
52,073 16.8
Consumer Staples
Diageo International drinks company 11,430 3.7
11,430 3.7
Financials
St. James’s Place UK wealth manager 13,912 4.5
Legal & General Insurance and investment management company 8,177 2.6
HomeServe Domestic insurance 7,938 2.6
   
   
   
   
   
   
   
   
   
76,922 24.9
Healthcare
Abcam Online platform selling antibodies to life science researchers 10,667 3.4
Genus World leading animal genetics company 8,037 2.6
   
   
  

21,250 6.9
Strategic Report
Baillie Gifford UK Growth Trust plc 17
Strategic Report
Name Business
Fair value
£’000
% of total
assets
Industrials
Volution Group Supplier of ventilation products 13,176 4.3
Bunzl Distributor of consumable products 11,252 3.6
Renishaw World leading metrology company 10,142 3.3
Ashtead Construction equipment rental company 10,050 3.2
Experian Global provider of credit data and analytics 8,069 2.6
FDM Group Provider of professional services focusing on information technology 7,969 2.6
Halma Specialist engineer 7,922 2.6
   
   
   
Wise   
86,744 28.0
Real Estate
Rightmove UK’s leading online property portal 10,048 3.2
Helical Property developer 7,948 2.6
17,996 5.8
Technology
Auto Trader Group Advertising portal for second hand cars in the UK 13,694 4.4
   
   

  
22,999 7.4
Total Equities 306,585 99.1
  
Total Assets 309,383 100.0

Stocks in bold are the 20 largest investments.
18


Directors and Management
Directors
Carolan Dobson was appointed a Director in 2014 and
became Chairman in 2016







Cathy Pitt was appointed a Director on 5 August 2021







Ruary Neill was appointed a Director in 2018 and became
Senior Independent Director on 1 July 2021






Andrew Westenberger was appointed a Director in 2017
and became Chairman of the Audit Committee in 2017







Governance Report
Baillie Gifford UK Growth Trust plc 19























Governance Report
20


Corporate Governance












































Depositary









Directors












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




















Dividend










Directors’ Report
Governance Report
Baillie Gifford UK Growth Trust plc 21
Share Capital
Capital Structure







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


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


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


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

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
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
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



Governance Report
22


 

 








 


 














Adoption of New Articles of Association








 


 



 



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

Governance Report
Baillie Gifford UK Growth Trust plc 23
Governance Report
Financial Instruments







Articles of Association


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






Independent Auditor




Post Balance Sheet Events



Stakeholder Engagement








Greenhouse Gas Emissions and Streamlined
Energy & Carbon Reporting (‘SECR’)








Bribery Act




Criminal Finances Act 2017


Recommendation








24

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
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
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


























Appointments to the Board









Independence of Directors





















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4 2 1 1 1

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
†
Ruary Neill

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
* 

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
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
Corporate Governance Report
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Baillie Gifford UK Growth Trust plc 25
Nomination Committee











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Policy on Chairman’s Tenure



Performance Evaluation















Diversity
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
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

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
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Audit Committee





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




Governance Report
26

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
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

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





Going Concern


































Governance Report
Baillie Gifford UK Growth Trust plc 27
Governance Report








Relations with Shareholders




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



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


bgukgrowthtrust.com
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
bgukgrowthtrust.com
Corporate Governance and Stewardship
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




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
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








 

 


 
 



 

 

 

 

 

 
 

 


Internal Audit







Financial Reporting







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

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
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
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

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




External Auditor


 
 


 


Audit Committee Report
Governance Report
Baillie Gifford UK Growth Trust plc 29
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
 
 

 

 



 
 
 
 
















Accountability and Audit







Governance Report
30
Directors’ Remuneration Report


Statement by the Chairman

















Directors’ Remuneration Policy






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
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Limits on Directors’ Remuneration






Expected
fees for
year ending
30 April 2023
£
Fees paid for
the year to
30 April 2022
£
  
* 
Ruary Neill  

†
 
  



  
*

†

Annual Report on Remuneration







to









Governance Report
Baillie Gifford UK Growth Trust plc 31
Directors’ Remuneration for the Year (audited)


Name
2022
Fees
£
2022
Taxable
benefits *
£
2022
Total
£
2021
Fees
£
2021
Taxable
benefits *
£
2021
Total
£
   39,060  37,800
   4,833  28,500
Ruary Neill   28,874  27,000
   21,683 –
   31,133  30,200
123,026 2,557 125,583 123,500 – 123,500
*

Annual Percentage Change in Remuneration

Name
2022
Fees
%
2022
Taxable
benefits
%
2021
Fees
%
2021
Taxable
benefits
%
    
    
Ruary Neill    
    
    
2012
Cumulative to 30 April
2014 2015
2019
20222021
2013
Sour
ce: Refinitiv and relevant underlying index providers. See disclaimer on page 61.
Baillie Gifford UK Growth’s share price
FTSE All-Share Index
All figur
es are total returns (assuming net dividends are reinvested). See Glossary
of T
erms and Alternative Performance Measures on pages 62 and 63.
2016 2017 2018 2020
50
300
250
200
100
150
Performance Graph


Approval




was


Ruary Neill

Directors’ Interests (audited)




Name
Nature
of interest
Ordinary 25p
shares held at
30 April 2022
Ordinary 25p
shares held at
30 April 2021
   
Ruary Neill   
  
   
Relative Importance of Spend on Pay



2022
£’000
2021
£’000
Change
%
   
   
Company Performance








Governance Report
32














 

 



 

 














Statement of Directors’ Responsibilities in Respect
of the Annual Report and the Financial Statements









Responsibility Statement of the Directors in Respect
of the Annual Financial Report

 



 



 






Governance Report
Baillie Gifford UK Growth Trust plc 33
Independent Auditor’s Report
to the members of Baillie Gifford UK Growth Trust plc
Financial Report
Opinion











 

 

 

Basis for opinion







Independence








Conclusions relating to going concern






 





 





 






 






 





 



















Overview of Our Audit Approach
Key audit matters 





Materiality


34
An Overview of the Scope of Our Audit
Tailoring the scope




Climate change










Key audit matters





Risk Our response to the risk Key observations communicated
to the Audit Committee
Incomplete or inaccurate revenue
recognition, including the classification
of special dividends as revenue or
capital items in the Income Statement (as



















We have performed the following procedures:



































Financial Report
Baillie Gifford UK Growth Trust plc 35
Financial Report
Risk Our response to the risk Key observations communicated
to the Audit Committee
Incorrect valuation or ownership of the
investment portfolio










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

















We have performed the following procedures:





































The magnitude of an omission or misstatement that, individually


Materiality provides a basis for determining the nature and





Performance materiality
The application of materiality at the individual account or

appropriately low level the probability that the aggregate of














36
Financial Report
Reporting threshold


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






Other Information

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





Companies Act 2006




audit:
 


 


Exception







 


 


 

 

Corporate Governance Statement









 


 


 



 

 


 


 

Baillie Gifford UK Growth Trust plc 37
Financial Report
Responsibilities of Directors













Auditors’ Responsibilities for the Audit of the
Financial Statements












Considered Capable of Detecting Irregularities,
Including Fraud












 







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

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 
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




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 








https://www.frc.org.uk/auditorsresponsibilities


 


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 


 

Use of Our Report













38
Income Statement
For the year ended 30 April
Notes
2022
Revenue
£’000
2022
Capital
£’000
2022
Total
£’000
2021
Revenue
£’000
2021
Capital
£’000
2021
Total
£’000
  (63,036)  95,201
  40 –
   7,787  5,297
   (1,730)   (1,577)
   (498)  (437)

and taxation   (57,437)   98,484
   (109)   (119)
Net return on ordinary activities
before taxation   (57,546)   98,365

– –
Net return on ordinary activities
after taxation 6,737 (64,283) (57,546) 4,351 94,014 98,365
Net return per ordinary share 4.39p (41.89p) (37.50p) 2.88p 62.18p 65.06p







Financial Report
Baillie Gifford UK Growth Trust plc 39
Balance Sheet

*
As at 30 April
Notes
2022
£’000
2022
£’000
2021
£’000
2021
£’000
Fixed assets
  
Current assets
   
   
 
Creditors
   
Net current (liabilities)/assets  
Net assets 302,933 363,053
Capital and reserves
Share capital   
   
   
   
   
   
   
Shareholders’ funds  302,933 363,053
Net asset value per ordinary share
*  197.4p 237.3p




Financial Report
40
Statement of Changes in Equity

For the year ended 30 April 2022
Notes
Share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Warrant
exercise
reserve
£’000
Share
purchase
reserve
£’000
Capital
reserve
£’000
Revenue
reserve
£’000
Shareholders’
funds
£’000
        363,053
       1,141
  (3,715)

  (57,546)
Shareholders’ funds at 30 April 2022 40,229 11,664 19,759 417 60,433 155,503 14,928 302,933
For the year ended 30 April 2021
Notes
Share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Warrant
exercise
reserve
£’000
Share
purchase
reserve
£’000
Capital
reserve
£’000
Revenue
reserve
£’000
Shareholders’
funds
£’000
        263,659
    5,695
     (4,666)

    98,365
Shareholders’ funds at 30 April 2021 40,229 11,328 19,759 417 60,433 218,981 11,906 363,053
Financial Report
Baillie Gifford UK Growth Trust plc 41

Cash Flow Statement
For the year ended 30 April
Notes
2022
£’000
2022
£’000
2021
£’000
2021
£’000

  
  
 
  
  
Cash from operations
†
 
  
  

  
  
  

  
 
  
   
  
Decrease in cash and cash equivalents
 
 
   
Cash and cash equivalents at end of year
*  1,491 1,872
* 
†

Financial Report
42
1 Principal Accounting Policies





(a) Basis of Accounting







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


























Judgements




 


 




Estimates








 



 

Notes to the Financial Statements
Financial Report
Baillie Gifford UK Growth Trust plc 43
(c) Investments























(d) Cash and Cash Equivalents





(e) Income
 



 

 

 



(f) Expenses


 



 



(g) Borrowings and Finance Costs




(h) Deferred Taxation








(i) Value Added Tax (VAT)

(j) Dividend Distributions



(k) Share Premium Account






(l) Capital Redemption Reserve


the capital red








(n) Share Purchase Reserve




(o) Capital Reserve








(p) Revenue Reserve



Financial Report
44
2 Income
2022
£’000
2021
£’000
Income from investments
  
Other income
  
Total income 7,787 5,297


 
2022
Revenue
£’000
2022
Capital
£’000
2022
Total
£’000
2021
Revenue
£’000
2021
Capital
£’000
2021
Total
£’000
 519 1,211 1,730 473 1,104 1,577


4 Other Administrative Expenses – all charged to revenue
2022
£’000
2021
£’000
  
  

*  
498 437
*
5 Finance Costs of Borrowings
2022
Revenue
£’000
2022
Capital
£’000
2022
Total
£’000
2021
Revenue
£’000
2021
Capital
£’000
2021
Total
£’000
 33 76 109 36 83 119
Financial Report
Baillie Gifford UK Growth Trust plc 45
6 Tax on Ordinary Activities
2022
£’000
2021
£’000
Analysis of charge in year
 _
– –
Factors affecting tax charge for year



  

  

  
  
  
 – –

Factors that may affect future tax charges







7 Net Return per Ordinary Share
2022
Revenue
2022
Capital
2022
Total
2021
Revenue
2021
Capital
2021
Total
 4.39p (41.89p) (37.50p) 2.88p 62.18p 65.06p





Financial Report
46
8 Ordinary Dividends
2022 2021 2022
£’000
2021
£’000
Amounts recognised as distributions in the year:
    



2022 2021 2022
£’000
2021
£’000
Dividends paid and payable in respect of the year:
    
9 Fixed Assets – Investments



As at 30 April 2022
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
  305,193

*  1,392
 305,193 – 1,392 306,585
*
As at 30 April 2021
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
   362,767
 362,767 – – 362,767
Fair Value Hierarchy



Level 1
Level 2
Level 3



Financial Report
Baillie Gifford UK Growth Trust plc 47
9 Fixed Assets – Investments (continued)
2022
Listed
securities
£’000
2022
Unlisted
securities *
£’000
2022
Total
£’000
2021
Total
£’000
  299,842 297,017
  62,925 (37,224)
 362,767 362,767 259,793

   24,632 17,144
   (17,778) (9,371)
   (63,036) 95,201
 305,193 1,392 306,585 362,767
   311,155 299,842
   (4,570) 62,925
 305,193 1,392 306,585 362,767
*





2022
£’000
2021
£’000

  
  
(63,036) 95,201


Financial Report
48
10
Debtors
2022
£’000
2021
£’000
Amounts falling due within one year:
 1,824 1,452


11
Creditors – amounts falling due within one year
2022
£’000
2021
£’000
  
  
6,967 3,038








12
Share Capital
2022
Number
2022
£’000
2021
Number
2021
£’000

   
    
Total 160,917,184 40,229 160,917,184 40,229







Financial Report
Baillie Gifford UK Growth Trust plc 49
13 Capital and Reserves
Share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Warrant
exercise
reserve
£’000
Share
purchase
reserve
£’000
Capital
reserve
£’000
Revenue
reserve
£’000
Shareholders’
funds
£’000
        363,053
   (63,036)
   1,141

   (1,211)

       (76)
    40
   (3,715)

  6,737
 40,229 11,664 19,759 417 60,433 155,503 14,928 302,933
Share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Warrant
exercise
reserve
£’000
Share
purchase
reserve
£’000
Capital
reserve
£’000
Revenue
reserve
£’000
Shareholders’
funds
£’000
        263,659
  95,201
   5,695

  (1,104)

  (83)
  (4,666)

  4,351
 40,229 11,328 19,759 417 60,433 218,981 11,906 363,053


14
Net Asset Value per Ordinary Share


2022 2021
2022
£’000
2021
£’000
 197.4p 237.3p 302,933 363,053


Financial Report
50
15 Analysis of Change in Net Debt
1 May
2021
£’000
Cash flows
£’000
Exchange
movement
£’000
30 April
2022
£’000
    1,491
   (6,450)
Total (578) (4,421) 40 (4,959)
1 May
2020
£’000
Cash flows
£’000
Exchange
movement
£’000
30 April
2021
£’000
   1,872
  (2,450)
Total 3,512 (4,090) – (578)
16 Contingent Liabilities, Guarantees and Financial Commitments

17 Related Party Transactions





18 Financial Instruments








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


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
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(i) Interest Rate Risk




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


Financial Assets


Financial Report
Baillie Gifford UK Growth Trust plc 51
18 Financial Instruments (continued)
Financial Liabilities



2022
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2021
£’000
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  
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

2022
£’000
2021
£’000


  
  
6,496 2,477
Interest Rate Risk Sensitivity



 





(iii) Currency Risk


Other Price Risk Sensitivity











As at 30 April 2022
Valuation approach
Fair value as at
30 April 2022
£’000 Key unobservable inputs
Sensitivity
% Sensitivity to changes in significant unobservable inputs


 


 



Financial Report
52
Financial Report
18 Financial Instruments (continued)
Liquidity Risk





2022
£’000
2021
£’000
  
  
6,967 3,038
Credit Risk


 

 




 



 


 
Credit Risk Exposure

2022
£’000
2021
£’000
  
  
3,315 3,324
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Baillie Gifford UK Growth Trust plc 53
Notice of Annual General Meeting
Covid-19 – Important note regarding arrangements for the
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
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Piccadilly
Pall Mall
Haymarket
Regent Street
St. James’s Street
Piccadilly
Circus
The Mall
Charing
Cross
Whitehall
Strand
King St
St James Sq
Pall Mall East
A400
INSTITUTE OF
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Trafalgar
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Shareholder Information
Baillie Gifford UK Growth Trust plc 57
Shareholder Information
Appendix
Summary of the principal amendments to the Company’s
Articles of Association
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










The Alternative Investment Fund Managers Directive (2011/61/
EU) (‘AIFMD’) as incorporated into UK law by the European
Union (Withdrawal) Act 2018 and the Alternative Investment
Fund Managers Regulations 2013 (SI 2013/1773) (the ‘AIFM
Regulations’)




 





 






International tax regimes requiring the exchange
of information

















Minor amendments


 

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 
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
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 
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
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 


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 


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 
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58
Baillie Gifford UK Growth Trust is an investment trust.
Investment trusts offer investors the following:
 
 
 


How to Invest






bailliegifford.com
Sources of Further Information on the Company


at bgukgrowthtrust.comtrustnet.com




 
 
 
 


Key Dates




Capital Gains Tax

Share Register Enquiries
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

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
 
 
 

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Electronic Proxy Voting

eproxyappointment.com


CREST Proxy Voting





Analysis of Shareholders at 30 April
2022
Number of
shares held
2022
%
2021
Number of
shares held
2021
%
    


    
    
    
153,495,484 100.0 153,020,484 100.0






Further Shareholder Information
Shareholder Information
Baillie Gifford UK Growth Trust plc 59
 
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
bgukgrowthtrust.com 

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



Baillie Gifford UK Growth Trust

bgukgrowthtrust.com
Risks
 
 

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62
Total Assets

Net Asset Value


Net Liquid Assets






2022 2021
  
  
(Discount)/premium (11.8%) 2.8%


2022
NAV
2022
Share
price
2021
NAV
2021
Share
price
     

*     
     
     
Total return  (16.0%) (27.9%) 37.7% 53.7%
*






2022 2021
  
  
   
   
Ongoing charges ((a) ÷ (b) expressed as a percentage) 0.63% 0.65%
Glossary of Terms and Alternative Performance Measures (APM)
Shareholder Information
Baillie Gifford UK Growth Trust plc 63


2022 2021
  
  
  
  
Turnover 5.3% 3.0%







2022 2021
  
  
  
  
Equity gearing 2% 0%

2022 2021
  
  
Potential gearing 2% 1%












Unlisted (Private) Company
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64
Sustainable Finance Disclosure Regulation (‘SFDR’)
Sustainable Finance Disclosure Regulation (‘SFDR’)


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