Annual Report and Financial Statements
30 April 2023
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
23 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
54
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
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 Financial Conduct
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
A
2022
DJ FMJ J
A
S
O N
A
2023
M
80
90
110
100
Financial Highlights – Year to 30 April 2023
Share Price -1.3% NAV 1.1% Benchmark
*
6.0%
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
2022
DJ FMJ J
A
S
O N
A
2023
M
(18%)
(8%)
(12%)
(10%)
(16%)
(14%)
*
†
NAV, Share Price and
Benchmark Total Return
†
Share price
*
Discount
†
to Net
Asset Value
02
Strategic Report
Chairman’s Statement
Strategic Report
Carolan Dobson, Chairman
Performance
Share Issuance and Buy-backs
Gearing
Earnings and Dividends
Board Composition
Baillie Gifford UK Growth Trust plc 03
Strategic Report
TCFD and Consumer Duty
bgukgrowthtrust.com
bgukgrowthtrust.com
Outlook
04
Strategic Report
30 April
2023
30 April
2022 % change
Share price
*
*
*
*
Year to 30 April 2023 2022
Total returns (%)*
Share price
Year to 30 April 2023 2023 2022 2022
Year’s high and low High Low High Low
Share price
*
30 April
2023
30 April
2022
Net return per ordinary share
Total 1.48p (37.50p)
*
One Year Summary
Baillie Gifford UK Growth Trust plc 05
(Discount)/Premium* to Net Asset Value
Five Year Total Return
*
Performance
Source: Refinitiv/Baillie Gifford and relevant underlying index providers
†
.
(Discount)/premium
The (discount)/premium is the difference between UK Growth’s quoted share price
and its underlying net asset value.
2018
Y
ears to 30 April
2020 2021
2022
2023
2019
(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
2019
Years to 30 April
2020 2021
2022
2023
(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
2019
Y
ears to 30 April
2020 2021
2022
2023
(30%)
(15%)
0%
30%
60%
45%
15%
2018
Cumulative to 30 April
2020 2021
2022
2023
2019
Sour
ce: Refinitiv/Baillie Gifford and relevant underlying index providers
†
.
Share price
NAV
Benchmark
#
90
80
70
150
130
140
100
110
120
*
†
#
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
#
%
Invested
gearing
‡
%
Drawn
gearing
¶
%
§
§
**
2023 7,260 6,145 4.05 3.60 0.70 3 5
#
‡
¶
§
**
Capital
At
30 April
Total
assets
£’000
Borrowings
£’000
Shareholders’
funds
£’000
Net asset value
per share *
p
Share
price
p
(Discount)/
premium
†
%
2023 308,872 14,450 294,422 195.6 168.0 (14.1)
*
†
Cumulative Performance (taking 2013 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
2023 114 144 107 138 126 181 98 90
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
bailliegifford.com
Discount Risk
Strategic Report
Regulatory Risk
Custody and Depositary Risk
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
10
trustenquiries@bailliegifford.com
bailliegifford.com
Employees, Human Rights and Community Issues
Gender Representation
Environmental, Social and Governance Policy
bailliegifford.com
Future Developments of the Company
Strategic Report
Baillie Gifford UK Growth Trust plc 11
Strategic Report
Managers’ Report
Portfolio
12
Strategic Report
Outlook
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
Hargreaves Lansdown
Objectives
Discussions and Outcomes
Strategic Report
St. James’s Place
Objectives
Discussions
Outcome
Baillie Gifford UK Growth Trust plc 15
Strategic Report
Exscientia
Objectives
Discussion
Outcome
16
List of Investments at 30 April 2023
Strategic Report
Name Business
Fair value
£’000
% of total
assets
Rio Tinto Metals and mining company 7,628 2.5
11,516 3.8
Consumer Discretionary
Games Workshop Toy manufacturer and retailer 14,758 4.8
Burberry Luxury goods retailer 10,349 3.3
Howden Joinery Manufacturer and distributor of kitchens to trade customers 9,847 3.2
4imprint Direct marketer of promotional merchandise 7,883 2.6
RELX Professional publications and information provider 7,636 2.5
53,726 17.4
Consumer Staples
Diageo International drinks company 10,304 3.3
10,304 3.3
Financials
St. James’s Place UK wealth manager 12,936 4.2
Prudential International life insurer 9,228 3.0
Legal & General Insurance and investment management company 7,596 2.5
72,671 23.5
Healthcare
Abcam Online platform selling antibodies to life science researchers 11,046 3.6
Genus World leading animal genetics company 8,580 2.8
20,978 6.8
Baillie Gifford UK Growth Trust plc 17
Strategic Report
Name Business
Fair value
£’000
% of total
assets
Industrials
Volution Group Supplier of ventilation products 13,888 4.5
Experian Global provider of credit data and analytics 11,376 3.7
Ashtead Construction equipment rental company 11,014 3.6
Renishaw World leading metrology company 8,601 2.8
Bunzl Distributor of consumable products 8,160 2.6
Inchcape Car wholesaler and retailer 7,921 2.5
Wise Online platform to send and receive money 7,494 2.4
Bodycote
92,493 29.9
Real Estate
11,496 3.7
Technology
Auto Trader Group Advertising portal for second hand cars in the UK 13,706 4.4
Softcat
29,352 9.5
Total Investments 302,536 97.9
Total Assets 308,872 100.0
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 in 2021
Ruary Neill was appointed a Director in 2018 and became
Senior Independent Director in 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
Dividend
Directors’ Report
Governance Report
Baillie Gifford UK Growth Trust plc 21
Share Capital
Capital Structure
Dividend
Capital Entitlement
Voting
Name
No of ordinary
25p shares held
at 30 April 2023
% of
issue *
*
Share Issuance Authority
to
Governance Report
22
Financial Instruments
Articles of Association
Disclosure of Information to Auditors
Independent Auditor
Post Balance Sheet Events
Stakeholder Engagement
Greenhouse Gas Emissions and Streamlined
Energy & Carbon Reporting (‘SECR’)
Bribery Act
Criminal Finances Act 2017
Recommendation
Governance Report
Baillie Gifford UK Growth Trust plc 23
theaic.co.uk
frc.org.uk
Compliance
The Board
Appointments to the Board
Independence of Directors
Board
Audit
Committee
Nomination
Committee
Remuneration
Committee
Management
Engagement
Committee
Number of meetings
4 2 1 1 1
*
Ruary Neill
*
Corporate Governance Report
Governance Report
24
Nomination Committee
bgukgrowthtrust.com
Policy on Chairman’s Tenure
Performance Evaluation
Diversity Policy
Diversity of the Board
Governance Report
Board as at 30 April 2023
Sex
Number of
Board Members
Percentage of
the Board
Number of
Senior Positions
on the Board
Number in
Executive
Management
Percentage of
Executive
Management
Baillie Gifford UK Growth Trust plc 25
Ethnic background
Number of
Board Members
Percentage of
the Board
Number of
Senior Positions
on the Board
Number in
Executive
Management
Percentage of
Executive
Management
Remuneration Committee
bgukgrowthtrust.com
bgukgrowthtrust.com
Audit Committee
Governance Report
Induction and Training
26
Governance Report
Going Concern
Baillie Gifford UK Growth Trust plc 27
Relations with Shareholders
bgukgrowthtrust.com
bgukgrowthtrust.com
Corporate Governance and Stewardship
bailliegifford.com
Climate Change
bailliegifford.com
at bgukgrowthtrust.com
Governance Report
28
bgukgrowthtrust.com
Internal Audit
Financial Reporting
External Auditor
Audit Committee Report
Governance Report
Baillie Gifford UK Growth Trust plc 29
Accountability and Audit
Governance Report
30
Directors’ Remuneration Report
Statement by the Chairman
Vote on Directors’ Remuneration Report
Directors’ Remuneration Policy
Limits on Directors’ Remuneration
Expected
fees for
year ending
30 April 2024
£
Fees paid for
the year to
30 April 2023
£
Ruary Neill
Annual Report on Remuneration
Governance Report
Baillie Gifford UK Growth Trust plc 31
Directors’ Remuneration for the Year (audited)
Name
2023
Fees
£
2023
Taxable
benefits *
£
2023
Total
£
2022
Fees
£
2022
Taxable
benefits *
£
2022
Total
£
43,205 39,060
– 4,833
Ruary Neill 33,347 28,874
31,065 21,683
36,390 31,133
133,400 10,607 144,007 123,026 2,557 125,583
*
Annual Percentage Change in Remuneration
Name
2023
Fees
%
2023
Taxable
benefits
%
2022
Fees
%
2022
Taxable
benefits
%
2021
Fees
%
2021
Taxable
benefits
%
Ruary Neill
2013
Cumulative to 30 April
2015 2016
2020
20232022
2014
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.
2017 2018 2019 2021
50
200
150
100
Performance Graph
Approval
Ruary Neill
Directors’ Interests (audited)
Name
Nature
of interest
Ordinary 25p
shares held at
30 April 2023
Ordinary 25p
shares held at
30 April 2022
Ruary Neill
Relative Importance of Spend on Pay
2023
£’000
2022
£’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
Financial Report
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
We have performed the following procedures:
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
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
appropriately low level the probability that the aggregate of
36
Financial Report
Reporting threshold
Other Information
Companies Act 2006
of the 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
https://www.frc.org.uk/auditorsresponsibilities
Use of Our Report
38
Income Statement
For the year ended 30 April
Notes
2023
Revenue
£’000
2023
Capital
£’000
2023
Total
£’000
2022
Revenue
£’000
2022
Capital
£’000
2022
Total
£’000
(2,542) (63,036)
– 40
7,260 7,787
(1,441) (1,730)
(533) (498)
and taxation 2,744 (57,437)
(499) (109)
Net return on ordinary activities
before taxation 2,245 (57,546)
–
Net return on ordinary activities
after taxation 6,145 (3,900) 2,245 6,737 (64,283) (57,546)
Net return per ordinary share 4.05p (2.57p) 1.48p 4.39p (41.89p) (37.50p)
Financial Report
Baillie Gifford UK Growth Trust plc 39
Balance Sheet
*
As at 30 April
Notes
2023
£’000
2023
£’000
2022
£’000
2022
£’000
Fixed assets
Current assets
Creditors
Net current liabilities
Net assets 294,422 302,933
Capital and reserves
Share capital
Shareholders’ funds 294,422 302,933
Net asset value per ordinary share
* 195.6p 197.4p
Financial Report
40
Statement of Changes in Equity
For the year ended 30 April 2023
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
302,933
(4,805)
(5,951)
2,245
Shareholders’ funds at 30 April 2023 40,229 11,664 19,759 417 55,628 151,603 15,122 294,422
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
Financial Report
Baillie Gifford UK Growth Trust plc 41
Cash Flow Statement
For the year ended 30 April
Notes
2023
£’000
2023
£’000
2022
£’000
2022
£’000
Cash from operations
†
Increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at end of year
* 5,512 1,491
*
†
Financial Report
42
1 Principal Accounting Policies
(a) Basis of Accounting
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
2023
£’000
2022
£’000
Income from investments
Other income
Total income 7,260 7,787
2023
Revenue
£’000
2023
Capital
£’000
2023
Total
£’000
2022
Revenue
£’000
2022
Capital
£’000
2022
Total
£’000
432 1,009 1,441 519 1,211 1,730
4 Other Administrative Expenses – all charged to revenue
2023
£’000
2022
£’000
*
533 498
*
5 Finance Costs of Borrowings
2023
Revenue
£’000
2023
Capital
£’000
2023
Total
£’000
2022
Revenue
£’000
2022
Capital
£’000
2022
Total
£’000
150 349 499 33 76 109
Financial Report
Baillie Gifford UK Growth Trust plc 45
6 Tax on Ordinary Activities
2023
£’000
2022
£’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
2023
Revenue
2023
Capital
2023
Total
2022
Revenue
2022
Capital
2022
Total
4.05p (2.57p) 1.48p 4.39p (41.89p) (37.50p)
Financial Report
46
8 Ordinary Dividends
2023 2022 2023
£’000
2022
£’000
Amounts recognised as distributions in the year:
2023 2022 2023
£’000
2022
£’000
Dividends paid and payable in respect of the year:
9 Fixed Assets – Investments
As at 30 April 2023
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
301,909
* 627
301,909 – 627 302,536
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
*
Fair Value Hierarchy
Level 1
Level 2
Level 3
Financial Report
Baillie Gifford UK Growth Trust plc 47
9 Fixed Assets – Investments (continued)
2023
Listed
securities
£’000
2023
Unlisted
securities *
£’000
2023
Total
£’000
2022
Total
£’000
305,193 1,392 306,585 362,767
301,909 627 302,536 306,585
301,909 627 302,536 306,585
*
2023
£’000
2022
£’000
(2,542) (63,036)
Financial Report
48
10
Debtors
2023
£’000
2022
£’000
Amounts falling due within one year:
1,479 1,824
11
Creditors – amounts falling due within one year
2023
£’000
2022
£’000
15,105 6,967
12
Share Capital
2023
Number
2023
£’000
2022
Number
2022
£’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
302,933
(2,542)
(4,805)
(1,009)
(349)
(5,951)
6,145
40,229 11,664 19,759 417 55,628 151,603 15,122 294,422
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
14
Net Asset Value per Ordinary Share
2023 2022
2023
£’000
2022
£’000
195.6p 197.4p 294,422 302,933
Financial Report
50
15 Analysis of Change in Net Debt
1 May
2022
£’000
Cash flows
£’000
Exchange
movement
£’000
30 April
2023
£’000
Total (4,959) (3,979) – (8,938)
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)
16 Contingent Liabilities, Guarantees and Financial Commitments
18 Financial Instruments
(i) Interest Rate Risk
Financial Assets
Financial Report
Baillie Gifford UK Growth Trust plc 51
18 Financial Instruments (continued)
Financial Liabilities
2023
£’000
2022
£’000
2023
£’000
2022
£’000
14,748 6,496
Interest Rate Risk Sensitivity
(iii) Currency Risk
Other Price Risk Sensitivity
As at 30 April 2023
Valuation approach
Fair value as at
30 April 2023
£’000 Key unobservable inputs
Sensitivity
% Sensitivity to changes in significant unobservable inputs
Financial Report
52
Financial Report
18 Financial Instruments (continued)
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
(a) Application of valuation basis
(b) Probability estimation of liquidation events
(c) Selection of comparable companies
(d) Selection of appropriate benchmarks
Liquidity Risk
2023
£’000
2022
£’000
15,105 6,967
Baillie Gifford UK Growth Trust plc 53
Financial Report
18 Financial Instruments (continued)
Credit Risk
Credit Risk Exposure
2023
£’000
2022
£’000
6,991 3,315
Fair Value of Financial Assets and Financial Liabilities
54
Notice of Annual General Meeting
bgukgrowthtrust.com
trustenquiries@bailliegifford.com
Ordinary Business
Special Business
Shareholder Information
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
DIRECTORS
Trafalgar
Square
Baillie Gifford UK Growth Trust plc 55
By order of the Board
Shareholder Information
56
Notes
eproxyappointment.com
euroclear.com/CREST
Shareholder Information
Baillie Gifford UK Growth Trust plc 57
trustenquiries@bailliegifford.com
bgukgrowthtrust.com
Shareholder Information
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.comtrustnet.com
Key Dates
Capital Gains Tax
Share Register Enquiries
at investorcentre.co.uk
investorcentre.co.uk
Electronic Proxy Voting
eproxyappointment.com
CREST Proxy Voting
Analysis of Shareholders at 30 April
2023
Number of
shares held
2023
%
2022
Number of
shares held
2022
%
150,520,484 100.0 153,495,484 100.0
Further Shareholder Information
Shareholder Information
Baillie Gifford UK Growth Trust plc 59
bgukgrowthtrust.com
Baillie Gifford UK Growth Trust
bgukgrowthtrust.com
Risks
Shareholder Information
60
bgukgrowthtrust.com
Trust
Trust
Trust
Trust
Trust
Trust
bailliegifford.com/trust
bgukgrowthtrust.com
Suggestions and Questions
Client Relations Team Contact Details
Telephone:
Email:
Website:
Communicating with Shareholders
Shareholder Information
Baillie Gifford UK Growth Trust plc 61
bailliegifford.com
bailliegifford.com
Alternative Investment Fund Managers (AIFM) Regulations
Leverage
Gross method Commitment method
Automatic Exchange of Information
holders gov.uk/government/publications/exchange-of-
information-account-holders
Third Party Data Provider Disclaimer
FTSE Index Data
Shareholder Information
62
Total Assets
Net Asset Value
Net Liquid Assets
2023 2022
Discount (14.1%) (11.8%)
2023
NAV
2023
Share
price
2022
NAV
2022
Share
price
*
Total return 1.1% (1.3%) (16.0%) (27.9%)
*
2023 2022
Ongoing charges ((a) ÷ (b) expressed as a percentage) 0.70% 0.63%
Glossary of Terms and Alternative Performance Measures (APM)
Shareholder Information
Baillie Gifford UK Growth Trust plc 63
2023 2022
Invested gearing 3% 2%
2023 2022
Drawn gearing 5% 2%
Unlisted (Private) Company
Shareholder Information
64
Sustainable Finance Disclosure Regulation (‘SFDR’)
Sustainable Finance Disclosure Regulation (‘SFDR’)
bailliegifford.com
Taxonomy Regulation
Shareholder Information
Directors
Chairman:
Carolan Dobson
Ruary Neill
Cathy Pitt
Alternative Investment
Fund Managers,
Secretaries and
Baillie Gifford & Co Limited
Grimaldi House
28 St James’s Square
London
Tel: 0131 275 2000
bailliegifford.com
Registrar
Computershare
Investor Services PLC
The Pavilions
Bridgwater Road
Bristol
BS99 6ZZ
Tel: 0370 703 0025
Brokers
The Atrium Building
Cannon Bridge House
25 Dowgate Hill
London
EC4R 2GA
Independent Auditor
Ernst & Young LLP
Chartered Accountants and
Statutory Auditors
Atria One
Edinburgh
EH3 8EX
Company Details
bgukgrowthtrust.com
Company Registration
No. 2894077
ISIN GB0007913485
Sedol 0791348
Ticker BGUK
Depositary
(International) Limited
160 Queen Victoria Street
London
EC4V 4LA
Further Information
Client Relations Team
Calton Square
1 Greenside Row
Edinburgh
EH1 3AN
Tel: 0800 917 2112
Email:
trustenquiries@bailliegifford.com