Annual Report and Financial Statements
31 January 2022
BAILLIE GIFFORD
CHINA GROWTH TRUST PLC

01 Financial Highlights
Strategic Report
02 Chair’s Statement
04 Managers’ Report
07 Managers’ Report on ESG
15 List of Investments
16 Distribution of Total Assets
17 One year Summary
18 Five year Summary
19 Ten year Record
20 Business Review
25 Statement on Stewardship
Governance Report
26 Directors and Management
27 Directors’ Report
30 Corporate Governance Report
34 Audit Committee Report
36 Directors’ Remuneration Report
39 Statement of Directors’ Responsibilities
Financial Report
40 Independent Auditor’s Report
46 Income Statement
47 Balance Sheet
48 Statement of Changes in Equity
49 Cash Flow Statement
50 Notes to the Financial Statements
Shareholder Information
64 Notice of Annual General Meeting
68 Further Shareholder Information
70 Communicating with Shareholders
73 Glossary of Terms and Alternative
Performance Measures
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 (FCA).
Baillie Gifford China 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 FCA in relation to non-mainstream investment products.
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.
If you reside in the UK and you are in any doubt as to the action you should take, you should consult your

Financial Services and Markets Act 2000 immediately. If you reside outwith the UK, you should consult an

If you have sold or otherwise transferred all of your holding in Baillie Gifford China 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 or 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 bailliegiffordchinagrowthtrust.com.

Baillie Gifford China Growth Trust plc 01
Financial Highlights
Financial Highlights – Year to 31 January 2022
The principal investment objective of the Company
is to produce long-term capital growth by investing
predominantly in shares of, or depositary receipts
representing the shares of, Chinese companies.
F
2021
ONDMAM
J
J
A S
F
2022
J
(15%)
25%
(5%)
5%
15%
* The benchmark is the MSCI China All Shares Index (in sterling terms), prior to 16 September 2020 the benchmark was
†
Alternative Performance Measure – see Glossary of Terms and Alternative Performance Measures on pages 64 and 65.
T
he vertical dotted line at 16 September 2020 represents the appointment of Baillie Gifford & Co Limited
as Managers and Secretaries.
Past performance is not a guide to future performance.
* The benchmark is the MSCI China All Shares Index (in sterling terms), prior to 16 September 2020 the benchmark was
†
Alternative Performance Measure – see Glossary of Terms and Alternative Performance Measures on pages 64 and 65.
T
he vertical dotted line at 16 September 2020 represents the appointment of Baillie Gifford & Co Limited
as Managers and Secretaries.
Past performance is not a guide to future performance.
* The benchmark is the MSCI China All Shares Index (in sterling terms), prior to 16 September 2020 the benchmark was

†



F
2021
ON
DMA M
J
J
A S
F
2022
J
50
75
150
100
125
NAV, Share Price and
Benchmark Total Return
†


Share price
NAV
Benchmark*
(Discount)/Premium
†
to Net Asset Value
per share



Share Price
†
(37.1%)

NAV
†
(27.0%)

Benchmark* (20.5%)




02 Annual Report 2022
Strategic Report
Chair’s Statement


Strategic Report
Susan Platts-Martin,
Chair




performing global markets in 2020, sentiment turned against













the MSCI China All Shares Index (in sterling terms) and with



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Discount/Premium and Share Issuance
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were issued under the placing, raising gross proceeds of
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Dividend
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Ongoing Costs








Baillie Gifford China Growth Trust plc 03
Strategic Report
Gearing



ESG
The consideration of ESG factors is an integral part of the



The Board

following a search undertaken with the support of an external






the support of an external recruitment consultant and a new



Annual General Meeting






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
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







Chair


04 Annual Report 2022
Managers’ Report






























Invisible China


manufacturing jobs to Bangladesh and Vietnam, it risks being left














ruled out the creation of a welfare state arguing that it ‘breeds
















next decade of economic


















companies can and cannot do in the future, we think it is unwise







proposed restrictions to the use of personal data or will both






Strategic Report

Baillie Gifford China Growth Trust plc 05
Strategic Report












Portfolio Positioning and Recent Activity
The current portfolio represents a selection of the best and


























at large scale requires decades of accumulated knowhow and






weakness in fundamental research in material science and his


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











materials which are used to produce products such as paint,




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




06 Annual Report 2022


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








Performance





















performance from a number of our healthcare holdings as the










China and has a founder led management team focused on the


to concerns that a number of its diagnostics tests will be included


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

Roderick Snell
Sophie Earnshaw
Baillie Gifford & Co



Strategic Report

Baillie Gifford China Growth Trust plc 07
Managers’ Report on ESG









research framework that we use for the Baillie Gifford China



















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Data
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

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
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
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




data and ratings which are often inconsistent, incomplete, and



Recognising the intangible nature of corporate character, our

The following selected datapoints illustrate the importance of such
nuance and the questions that we seek to explore through our

shown in relation to the index (MSCI China All Share) for the





Box 1
Environmental and Social Due Diligence Checklist for Baillie Gifford China Growth Trust


 
 
 
 
 
Strategic Report

08 Annual Report 2022
Board Membership
What it is


What does the data tell us



of independence with no extenuating context is a cause for








Board
Independence
Percentage
Percentage
of Female
Directors
Company
Index
Average
Board
Tenure
54.9
55.1
14.8
13.0
9.8
8.4
0
20
50 70
10 4030
60
Ownership
What it is
concentrations of different ownership structures held within



What does the data tell us
in state owned enterprises, more than two thirds of our portfolio is








management team, or attitudes towards shareholder rights and

research and ongoing engagement to determine what works in

Owner Type
Index
%
Company
%
Controlled (  
  
  
  
  
Strategic Report

Baillie Gifford China Growth Trust plc 09
UN Global Compact Compliance
What it is




What does the data tell us




incidents across multiple operations and on the watchlist due to













This includes the management of exposure to labour and



Carbon Performance




of climate change are global in scope and unprecedented in





What it is
direct emitters and helps to prioritise research and engagement







measures allow comparison of emissions across companies of





Strategic Report
No Data 12%
Compliant 83%
Non Compliant 2%
Watchlist 3%
0
100
200
300
400
500
Company
Index
Weighted Average
Carbon Intensity
-tCo
2
e/USD Million
revenue
Carbon Intensity
-tCo
2
e/USD Million
revenue
Relative
Carbon Footprint
-tCo
2
e/USD Million
invested
25.3
253.6
33.6
445.3
115.4
4.5



10 Annual Report 2022
What does the data tell us






















Box 2
Engaging with State Owned Enterprises – Kweichow Moutai



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



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
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
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

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Strategic Report






ESG: Its Case-by-Case
















Baillie Gifford China Growth Trust plc 11
Box 3
Longi Green Tech – Engagement on Xinjiang/Supply Chains







includes:
 

 
 
 
 









Box 4
CATL – closed loop batteries and climate solutions
















Strategic Report

12 Annual Report 2022
Box 5
Ping An Insurance – integrating climate in operations and investments












How Are We Voting?














been unsuccessful for not possible there are cases where we will

appointment of auditors due to concerns regarding the conduct




The Data



bailliegifford.com/literature-library/
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China Growth Proxy Voting Record 2021
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


For 95% (1110)
Against 3% (37)
Abstain 2% (17)





Baillie Gifford China Growth Trust plc 13
Alibaba





In addition, Alibaba has a strong position in infrastructure as a


partnership structure and its capable and experienced



Contemporary Amperex Technology (CATL)










able to build up a customer base not just within China, but


Kweichow Moutai


which has a heritage and respect embedded within Chinese







Ping An Insurance










Review of Investments
Tencent








which span online music streaming, ecommerce, and short form




Tencent.
ByteDance








which it uses to bring out new applications tailored to different




Strategic Report

14 Annual Report 2022
Strategic Report

Li Ning.
China Merchants Bank
China Merchants Bank is a leading consumer bank in China with



and in wealth management, both segments with strong growth

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Meituan


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
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

Li Ning




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
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Meituan.
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JD.com.

Baillie Gifford China Growth Trust plc 15
Strategic Report
List of Investments at 31 January 2022
Name Business
Value
£’000
%
of total
assets
Tencent  21,602 
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Alibaba   
   
   
Ping An Insurance   
China Merchants Bank Consumer lending and wealth management  
Meituan   
   
 Online retailer  
NetEase Gaming and entertainment business 4,106 
Midea
†
  
Ping An Bank SME and consumer lender  
BeiGene   
   
SG Micro Corp Semiconductor designer  
   
 Electronic components for smartphones and autos  
 Garment manufacturer  
Estun Automation   
   
   
   
   
 Software for SMEs and corporates  
   
   
 Power electronics manufacturer  
   
   
   
   
   
Glodon
†
  
 Software for SMEs and corporates  
 Software for SMEs and corporates  
  2,261 
   
Bilibili   
Minth   
 Industrial ecommerce platform  
 Clinical trial contract research organisation  
Robam Appliances   

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Pop Mart   
  1,616 
Topchoice Medical   
   
   
 Online real estate  
BGI Genomics  1,242 

16 Annual Report 2022
Distribution of Total Assets
‡
Sectoral 2022 (2021)
Healthcare
11% (17%)
Materials
4% (1%)
Net Liquid Assets
1% (1%)
Consumer Staples
6% (9%)
Information Technology
9% (6%)
Communication
Services
19% (18%)
Utilities 1% (1%)
Industrials
13% (7%)
Real Estate
1% (1%)
Consumer
Discretionary
25% (29%)
Financials
10% (10%)
Strategic Report
Name Business
Value
£’000
%
of total
assets
Sinocare   
   
  1,122 
  1,104 
Burning Rock Biotech   
 SME and consumer lender  
   
Tencent Music Entertainment Music streaming platform  
   
   
   
Total investments 222,015 98.7
Net liquid assets
*  
Total assets
* 224,931 100.0
Borrowings  
Shareholders’ funds 219,341 97.5
*

†

‡


Baillie Gifford China Growth Trust plc 17

31 January
2022
31 January
2021 % change
Total assets (before deduction of bank loans)  
Bank loans  
  
   
Share price   
Benchmark
‡

   

#
  
Ongoing charges (excluding performance fees)
*
†#
 
Ongoing charges (including performance fees)  

*  

*  
Year to 31 January 2022 2021
Total returns (%)*

#
 
Share price
#
 
Benchmark
‡
 
Year to 31 January 2022 2022 2021 2021
Year’s high and low High Low High Low
    
Share price    

*
#
   
31 January
2022
31 January
2021
Net return per ordinary share
  
Capital  
Total (137.25p) 126.19p
* 
†


#

‡



One Year Summary
Strategic Report

18 Annual Report 2022




(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 Baillie Gifford China Growth Trust’s
quoted share price and its underlying net asset value per share expressed as a
percentage of net asset value per share.
2017
Years to 31 January
2019 2020
2021
2022
2018
(20%)
0%
20%
(10%)
10%
Annual Net Asset Value and Share Price Total Returns
*
Annual Net Asset Value and Share Price Total Returns
*

#
total returns)
Sour
ce: Refinitiv/Baillie Gifford and relevant underlying index providers
†
.
NAV return
Share price return
2018
Years to 31 January
2019 2020
2021
2022
(20%)
0%
20%
40%
60%
Source: Refinitiv/Baillie Gifford and relevant underlying index providers
†
.
NAV return
Share price return
2018
Years to 31 January
2019 2020
2021
2022
(40%)
0%
40%
80%
2017
Cumulative to 31 January
2019 2020
2021
2022
2018
Source: Refinitiv/Baillie Gifford and relevant underlying index providers
†
.
Share price
NAV
Benchmark
#
60
220
100
140
180
*
†

#
The benchmark is the MSCI China All Shares Index (in sterling terms), prior to 16 September 2020 the benchmark was MSCI AC Asia ex


Five Year Summary
Strategic Report

Baillie Gifford China Growth Trust plc 19

Ten Year Record
Revenue Gearing Ratios
Year to
31 January
Gross
revenue
£’000
Available
for ordinary
shareholders
£’000
Revenue
earnings per
ordinary share
p
Ordinary
dividends paid
and proposed
per share
p
Ongoing
charges
ratio
#
%
Gearing
‡
%
Potential
gearing
¶
%
2012
  
   4
   
  4 
2014   

  
 4,464  
   
2016   
   
   
   
  4,141 

  
   
   
2020  4,412 
   
2021   
   
2022 1,599 592 0.97 7.15 0.7 1 3

#


‡

¶

Capital
At
31 January
Total
assets
£’000
Borrowings
£’000
Shareholders’
funds
£’000
Net asset value
per share
*
p
Share
price
p
(Discount)/
Premium
†
%
2012
     
      
2014      
        
2016        
      
        
      
2020        
2021      
2022 224,931 5,590 219,341 353.7 339.25 (4.1)

*
†

 
Cumulative Performance (taking 2012 as 100)
At
31 January
Net asset value
per share
Net asset value
total return
*
Share
price
Share price
total return * Benchmark
^
Benchmark
^
total return
2012
100 100 100 100 100 100
 112 114  122  111
2014   110 116  111
  126 126  120 
2016 110    110 
 142   164  166
 164   201 166 
      
2020    202 161 201
2021      
2022 150 179 175 214 151 195
Compound annual returns
      
      

* 
^


Strategic Report

20 Annual Report 2022
Business Model
Business and Status




















Investment Objective



Investment Policy




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







Culture



in particular its Managers, in their interactions with shareholders





Performance



Key Performance Indicators



 

 
benchmark;
 
per share; and
 








Business Review
Strategic Report

Baillie Gifford China Growth Trust plc 21



Borrowings


Principal and Emerging Risks



mitigated is set out below:
Risk Mitigation
Inappropriate business strategy

and its shares trading at a persistent and anomalous discount to






Adverse market conditions








Poor investment performance, including through inappropriate







Operational failure leads to reputational damage and potential







Tax and regulatory change or breach leads to the loss of




breaches (including breaching the listing rules, market abuse







Single country risk. 
of companies which are incorporated or domiciled, or which









Strategic Report

22 Annual Report 2022
Emerging Risks 



the interconnectedness of global economies and the related













Viability Statement














Risk Mitigation
Emerging market risk.






and settlement, a greater risk of market shut down, standards of


in China is often through contractual structures, such as Variable










Unlisted securities.


information and there will be less regulation in respect of disclosures

Baillie Gifford conducts appropriate due diligence in respect of all


Gearing. 



acquired with borrowed funds are less than the costs of the









Climate and Governance risk. 





impact of the failure to address the ESG weakness on the













Strategic Report

Baillie Gifford China Growth Trust plc 23

conducted a robust assessment of each of the principal and
emerging risks and uncertainties, including Climate Change,
detailed on pages 21 and 22, in particular the impact of market
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


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













Section 172 Statement




(amongst other matters and to the extent applicable) to:
 
 
 
suppliers, customers and others;
 

 
high standards of business conduct; and
 




Managers and Secretaries (Baillie Gifford), other professional





forum for the Board and Managers to present to shareholders on











communication helps inform the Board when considering how



The Board seeks to engage with its Managers and Secretaries

manner, with open and respectful discussion and debate
being encouraged, whilst also ensuring that appropriate and













to all stakeholders and that consideration of ESG factors sits







Strategic Report

24 Annual Report 2022
The Board recognises the importance of maintaining the interests









 



— as part of ongoing Board succession and refreshment,
the appointment and induction of Tim Clissold to the Board,




 









 



 





Strategic Report
Employees, Human Rights and Community Issues



and all its functions are outsourced, there are no disclosures to




Gender Representation



Environmental, Social and Governance Policy










website at bailliegifford.com
Future Developments of the Company






Chair

Baillie Gifford China Growth Trust plc 25
Baillie Gifford Statement on Stewardship
Reclaiming Activism for Long-Term Investors





Our Stewardship Principles
Prioritisation of Long-term Value Creation









A Constructive and Purposeful Board





when there is strong independent representation able to assist,

Long-term Focused Remuneration With Stretching
Targets










Fair Treatment of Stakeholders








Sustainable Business Practices

working within the spirit and not just the letter of the laws and






Strategic Report

26 Annual Report 2022
Susan Platts-Martin (Chair) was appointed to the Board in







Tim Clissold














Magdalene Miller 










trustee for an educational endowment fund and participates in

Chris Ralph 

has considerable experience in fund manager selection and





Directors


Directors and Management
Andrew Robson (Audit Committee Chairman, Senior
Independent Director) 











Managers and Secretaries









Baillie Gifford also manages unit trusts and Open Ended

behalf of pension funds, charities and other institutional clients,





The Managers of Baillie Gifford China Growth Trust are Roderick


















Governance Report

Baillie Gifford China Growth Trust plc 27



Corporate Governance


Managers and Company Secretaries












Management Agreement is terminable on not less than three








and secretarial arrangements on an ongoing basis and a












Gifford & Co, on the terms agreed, is in the interests of shareholders

Depositary










Directors


Tim Clissold was appointed to the Board on 1 October 2021 and


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
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

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Dividend

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Share Capital
Capital Structure

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
no restrictions concerning the holding or transfer of the


Directors’ Report
Governance Report

28 Annual Report 2022
Dividend



Capital Entitlement



Voting




found on pages

Major Interests in the Company’s Shares




Name
No of ordinary
25p shares held at
31 January 2022
% of
issue *
Rathbone Nominees  


*
Annual General Meeting



It is intended that the meeting will be open to all shareholders,



the proposed resolutions and information on the deadlines for

Shareholders who hold shares in their own name on the main

through a share platform or other nominee, the Board would




Share Issuance Authority
Resolution 10 in the Notice of Annual General Meeting seeks








Resolution 11, which is being proposed as a special resolution,















Market Purchases of Own Shares



to
 












 
under the Companies Act 2006); or
 







 


(ii) the higher of the price of the last independent trade and






Governance Report

Baillie Gifford China Growth Trust plc 29


shares will be made within guidelines established, from time to






Meeting Held on 26 November 2020 – Final Update





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

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
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
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
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
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
Articles of Association
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Financial Instruments
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portfolio, cash balances, bank borrowings and debtors and

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

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Disclosure of Information to Auditor







Independent Auditor





Post Balance Sheet Events



Stakeholder Engagement








Greenhouse Gas Emissions and Streamlined
Energy & Carbon Reporting (‘SECR’)



other emissions producing sources under the Companies Act




Bribery Act




Criminal Finances Act 2017


Recommendation

resolutions to be proposed at the Annual General Meeting as it is


On behalf of the Board

Chair

Governance Report

30 Annual Report 2022



frc.org.uk




theaic.co.uk
Compliance














against the AIC Code will be meeting their obligations in relation
theaic.co.uk
The Board







discussion and debate being encouraged, whilst also ensuring







The Chair is responsible for organising the business of the Board,















Appointments to the Board










preferred candidate and was appointed to the Board on














Independence of Directors









Corporate Governance Report
Governance Report

Baillie Gifford China Growth Trust plc 31
Meetings









Directors’ Attendance at Meetings
Board
Nominations
Committee Strategy
Audit
Committee
Number of meetings 5 3 1 3
   1 
Tim Clissold
* 2 1 1 1

†
 2  2
Magdalene Miller   1 
Chris Ralph   1 
Andrew Robson   1 
* 
†

Policy on Board and Chair’s Tenure











Performance Evaluation






other criteria, the balance of skills of the Board, training and











Diversity
Appointments to the Board are made on merit with due regard for


best range of skills and experience to complement existing

The Board therefore does not consider it appropriate to

Induction and Training





Remuneration






Management Engagement Committee



Audit Committee

Internal Controls and Risk Management




are designed to manage rather than eliminate the risk of failure to







The practical measures in relation to the design, implementation
and maintenance of control policies and procedures to safeguard












Governance Report

32 Annual Report 2022












mechanism to assess whether further action is required to









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
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and maintaining a record of other assets and monitoring the
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


Going Concern


























assessed the principal risks and other matters, including the


operational existence for a period of at least 12 months from the


Relations with Shareholders
The Board places great importance on communication with











lodged for each resolution is announced at the Meeting and is
published at bailliegiffordchinagrowthtrust.com subsequent to



bailliegiffordchinagrowthtrust.com
Governance Report

Baillie Gifford China Growth Trust plc 33
Corporate Governance and Stewardship

















bailliegifford.com
Gifford & Co, the Managers, has considered the Sustainable






Climate Change
The Board recognises that climate change poses a serious threat


result in companies that are high emitters of carbon facing greater




prioritise engagement and understand what higher emitting





bailliegifford.com



On behalf of the Board

Chair

Governance Report

34 Annual Report 2022






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

Main Activities of the Committee




Audit Committee Report
Other Matters Considered During the Year

— Independent Auditor 

— Compliance with section 1158 of the Corporation Tax Act 2010 


— Cyber security 

— Service providers 


Significant Issue How the Issue was Addressed
Valuation and existence







Recognition of income 



 


It was agreed that at each Audit Committee meeting there should be a discussion on emerging risks,

Going concern 






Committee recommended to the Board the appropriateness of the Going Concern basis in preparing the


Governance Report

Baillie Gifford China Growth Trust plc 35


 
 
— detailed discussion with audit personnel to challenge audit



 
 
— the audit fee; and
 





Caroline Mercer is the lead audit partner and has held the role















Accountability and Audit


On behalf of the Board
Andrew Robson
Audit Committee Chairman

— Allocation of costs 

management fees and interest costs) between capital and





— Fair, balanced and understandable The Audit Committee




Internal Audit








to testing and therefore the absence of an internal audit function

Internal Controls and Risk Management




External Auditor


 
— a report from the Auditor describing its arrangements to

its independence; and
 


Governance Report

36 Annual Report 2022
Directors’ Remuneration Report
This report has been prepared in accordance with the

Statement by the Chair








Directors’ Remuneration Policy








































Limits on Directors’ Remuneration











Expected
fees for
year ending
31 January
2023
£
Fees paid for
the year to
31 January
2022
£
  
  
Additional fee for the Chairman
of the Audit Committee  
Additional fee for Senior Independent

* 1,000 
Total aggregate annual fees that can be



Association 200,000 200,000
* 



Governance Report

Baillie Gifford China Growth Trust plc 37
Annual Report on Remuneration



Directors’ Remuneration for the Year (audited)


Name
2022
Fees
£
2022
Taxable
benefits
£
2022
Total
£
2021
Fees
£
2021
Taxable
benefits
£
2021
Total
£
*  1,011 42,511   51,000
Tim Clissold
†
 146 8,479   –

#
  10,436   27,000
Magdalene Miller
‡
  25,854   4,366
Chris Ralph   26,269   24,500
Andrew Robson   31,416   28,000
140,930 4,036 144,966 134,866 – 134,866
Annual Percentage Change in Remuneration

Name
From 2021 to 2022
%
From 2020 to 2021
%
*  24
Tim Clissold
†
 

#
(61) 
Magdalene Miller
‡
 
Chris Ralph  
Andrew Robson 12 
* 

†

#

‡

Governance Report

38 Annual Report 2022
Directors’ Interests (audited)





Name
Nature
of interest
Ordinary 25p
shares held at
31 January
2022
Ordinary 25p
shares held at
31 January
2021
   
Tim Clissold   
Magdalene Miller     
Chris Ralph   
Chris Ralph   
Andrew Robson   
Statement of Voting at Annual General Meeting







Relative Importance of Spend on Pay



2022
£’000
2021
£’000
Change
%
   
   22
2012
Cumulative to 31 January
2014 2015
2019
20222021
2013
Source: Refinitiv and relevant underlying index providers. See disclaimer on page 72.
Baillie Gifford China Growth Trust's share price
The benchmark is the MSCI China All Shares Index (in sterling terms),
prior to 16 September 2020 the benchmark was MSCI AC Asia ex
Pacific Index.
All figures are total returns (assuming net dividends are reinvested). See Glossary
of Terms and Alternative Performance Measures on pages 73 to 75.
2016 2017 2018 2020
50
350
200
100
150
250
300
Governance Report
Company Performance
The following graph compares the share price total return

compared with the total shareholder return on a notional


(in sterling terms), prior to 16 September 2020 the benchmark

for comparison purposes as it is the index against which the

Performance Graph


Approval




Chair

Baillie Gifford China Growth Trust plc 39














 

 



— make judgements and accounting estimates that are
reasonable and prudent; and
 










misstatement, whether due to fraud or error, and are also


Statement of Directors’ Responsibilities in Respect
of the Annual Report and Financial Statements
















Responsibility Statement of the Directors in Respect
of the Annual Financial Report

 



 
and performance of the business and the position of the

and uncertainties it faces; and
 



On behalf of the Board

Chair

Governance Report

40 Annual Report 2022
Financial Report
Opinion












 

 

 

Basis for Opinion


Our responsibilities under those standards are further described




Independence








Independent Auditors’ Report
to the members of Baillie Gifford China Growth Investment Trust PLC
Conclusions Relating to Going Concern





included:
 



 
including the forecast, considerations around continuation of





 


appropriateness of the methods used to calculate the forecast


and assumptions utilised were appropriate to be able to make

 





 







 
in the annual report in order to assess that the disclosures



Baillie Gifford China Growth Trust plc 41
Financial Report










Overview of Our Audit Approach
Key audit matters 


Materiality 
An Overview of the Scope of Our Audit
Tailoring the Scope




Climate Change










42 Annual Report 2022
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 in the income
statement 








There is a risk of incomplete or inaccurate




required to exercise judgment in determining



We performed the following procedures:










amounts to bank statements and where applicable,




To test completeness of recorded income, we tested











The results of our procedures

misstatements in relation to the
risk of incomplete or inaccurate




Financial Report

Baillie Gifford China Growth Trust plc 43
Financial Report
Risk Our response to the risk
Key observations
communicated
to the Audit Committee
Incorrect valuation or ownership of the
investment portfolio (as described on













pricing, or failure to maintain proper legal title of




using quoted market bid prices at close of


the last traded price, adjusted for the estimated













We performed the following procedures:








the market prices and exchange rates applied to an










 

 

guidelines;
 


— Assessing the appropriateness of the data inputs
and challenging the assumptions used to support

— Assessing other facts and circumstances, such as









The results of our procedures

misstatements in relation to



Our Application of Materiality


Materiality






44 Annual Report 2022
Performance Materiality




On the basis of our risk assessments, together with our




percentage due to our past experience of the audit that indicates






Reporting Threshold










Other Information
The other information comprises the information included in the

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




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



material misstatements, we are required to determine whether this


conclude that there is a material misstatement of the other


Opinions on Other Matters Prescribed by the Companies
Act 2006



In our opinion, based on the work undertaken in the course of the
audit:
 


Statements; and
 

Matters on Which we are Required to Report by Exception





relation to which the Companies Act 2006 requires us to report

 


 
Remuneration Report to be audited are not in agreement
with the accounting records and returns; or
 
are not made; or
 

Corporate Governance Statement






concluded that each of the following elements of the Corporate

statements or our knowledge obtained during the audit:
 


 


 


 

Financial Report

Baillie Gifford China Growth Trust plc 45
 
assessment of the emerging and principal risks set out on
page 21;
 


— The section describing the work of the Audit Committee set

Responsibilities of Directors









going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless


Auditor’s Responsibilities for The Audit of the Financial
Statements


misstatement, whether due to fraud or error, and to issue an






the economic decisions of users taken on the basis of these

Explanation as to What Extent the Audit was Considered
Capable of Detecting Irregularities, Including Fraud




fraud is higher than the risk of not detecting one resulting from







 




Code and Statement of Recommended Practice and Section

 
frameworks through discussions with the Audit Committee



 
Statements to material misstatement, including how fraud








— Based on this understanding we designed our audit





statements to ensure compliance with the reporting

A further description of our responsibilities for the audit of the

website at frc.org.uk/auditorsresponsibilities This description

Other Matters we are Required to Address
 



— The period of total uninterrupted engagement including



— The audit opinion is consistent with the additional report

Use of Our Report











Edinburgh

Financial Report

46 Annual Report 2022
Income Statement
For the year ended 31 January
Notes
2022
Revenue
£’000
2022
Capital
£’000
2022
Total
£’000
2021
Revenue
£’000
2021
Capital
£’000
2021
Total
£’000
      (82,850)     64,697
      (68)     (139)
Income 2     1,599     3,600
    (1,452)   (908)
Performance fee        –     (78)
 4  (20) (499)   (1,391)

and taxation   (83,270)   65,781
  (46)  (184)   –
Net return on ordinary activities
before taxation   (83,454)   65,781

6
    (119) (212)  (212)
Net return on ordinary activities
after taxation 592 (84,165) (83,573) 2,329 63,240 65,569
Net return per ordinary share  0.97p (138.22p) (137.25p) 4.48p 121.71p 126.19p







Financial Report

Baillie Gifford China Growth Trust plc 47
Balance Sheet

* 
As at 31 January
Notes
2022
£’000
2022
£’000
2021
£’000
2021
£’000
Fixed assets
   
Current assets
 10 100 
   
 
Creditors
 11  
Net current (liabilities)/assets  
Total assets less current liabilities 219,341 271,424
Capital and reserves
Share capital 12  
Share premium account   
   
  121,621 
   11,610
Shareholders’ funds 219,341 271,424
Net asset value per ordinary share
* 14 353.70p 492.66p



Chair
Financial Report

48 Annual Report 2022
Statement of Changes in Equity

For the year ended 31 January 2022
Notes
Share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Capital
reserve
£’000
Revenue
reserve
£’000
Shareholders’
funds
£’000
     11,610 271,424
             (4,434)
          24,768
 601     11,156
 14            (83,573)
Shareholders’ funds at 31 January 2022 17,087 31,780 41,085 121,621 7,768 219,341
For the year ended 31 January 2021
Notes
Share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Capital
reserve
£’000
Revenue
reserve
£’000
Shareholders’
funds
£’000
      222,208
               (3,910)
            (68,598)
      56,155
 14            65,569
Shareholders’ funds at 31 January 2021 16,486 13,182 41,085 189,061 11,610 271,424
Financial Report

Baillie Gifford China Growth Trust plc 49

Cash Flow Statement
For the year ended 31 January
2022
£’000
2022
£’000
2021
£’000
2021
£’000

  
  
  
  
  (212)
Changes in debtors and creditors  
Cash from operations
*  
Interest paid  
  

  
  
  

  
  
Bank loans drawdown  
  
  
Decrease in cash and cash equivalents
 
  
  
Cash and cash equivalents at end of year  
Comprising:
Cash at bank  
* 
Financial Report

50 Annual Report 2022
1 Principal Accounting Policies



of the accounting policies set out below which are consistent with

(a) Basis of Accounting
 

















 








will continue in operational existence for a period of at least


 
considered the impact of climate change risk as a principal risk








 









 


 






 
 

assumptions and judgements affect the reported amounts of







Judgements
 

 

 
 
 


 




Estimates
 







(i) the selection of appropriate comparable companies in order


Comparable companies are chosen on the basis of their
business characteristics and growth patterns;
 
 

peers;
Notes to the Financial Statements
Financial Report

Baillie Gifford China Growth Trust plc 51
 

 



 


(c) Investments
 





 
or loss on initial recognition and are measured at subsequent








These methodologies can be categorised as follows (a) market



recognises also, as stated in the IPEV Guidelines, that the price of



(d) Cash and Cash Equivalents
 




(e) Income
 



 

 


 





(f) Expenses
 

 




 


 




(g) Borrowings and Finance Costs
 








(h) Taxation
The taxation charge represents the sum of current tax and the












(i) Dividend Distributions
 



(j) Foreign Currencies
 



or loss arising from a change in exchange rate subsequent to the
date of the transaction is included as an exchange gain or loss in

Financial Report

52 Annual Report 2022
(k) Capital Reserve
 







shares is transferred from share capital to the capital redemption

(l) Share Premium
 


repurchase the shares; and


(m) Capital Redemption Reserve
 


(n) Revenue Reserve
 


(o) Single Segment Reporting
 


2 Income
2022
£’000
2021
£’000
Income from investments
  
 1,599 
Total income 1,599 3,600
Total income comprises:
  
1,599 3,600
3 Investment Management Fee and Performance Fee
2022
Revenue
£’000
2022
Capital
£’000
2022
Total
£’000
2021
Revenue
£’000
2021
Capital
£’000
2021
Total
£’000
   1,452   908
   –   78
363 1,089 1,452 227 759 986







Financial Report

Baillie Gifford China Growth Trust plc 53
4 Other Administrative Expenses
2022
£’000
2021
£’000
 212 
 141 
  
  
479 832
 


5 Finance Costs of Borrowings
2022
Revenue
£’000
2022
Capital
£’000
2022
Total
£’000
2021
Revenue
£’000
2021
Capital
£’000
2021
Total
£’000
Interest on bank loans 46  184   
6 Tax on Ordinary Activities
2022
£’000
2021
£’000
Analysis of charge in year
  212
Factors affecting tax charge for year

 
The differences are explained below:
Net return before taxation  

   
Effects of:
Income not taxable  
  202
  212
 119 212

Financial Report

54 Annual Report 2022
6 Tax on Ordinary Activities (continued)
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
 0.97p (138.22p) (137.25p) 4.48p 121.71p 126.19p





8 Ordinary Dividends
2022 2021 2022
£’000
2021
£’000
Amounts recognised as distributions in the year:
    
    
7.15p 7.15p 4,434 3,910



2022 2021 2022
£’000
2021
£’000
Dividends paid and payable in respect of the year:
    
    
7.15p 7.15p 4,434 3,643
Financial Report

Baillie Gifford China Growth Trust plc 55
9 Investments
As at 31 January 2022
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
Securities
    207,678
    1,482
    12,855
 207,678 – 14,337 222,015
As at 31 January 2021
Level 1
£’000
Level 2
£’000
Level 3
£’000
Total
£’000
Securities
    260,199
   8,010 8,010
 260,199 – 8,010 268,209



Fair Value Hierarchy


Level 1 
Level 2 
and
Level 3 





Listed
equities
£’000
Suspended
£’000
Unlisted
equities *
£’000
Total
£’000
    220,029
   (202) 48,180
  2,246  268,209

Purchases at cost    80,018
    (43,362)
Realised losses on sales    (3,507)
    (79,343)
 207,678 1,482 12,855 222,015
    253,178
    (31,163)
 207,678 1,482 12,855 222,015
*
    

 

 

Financial Report

56 Annual Report 2022
9 Investments (continued)
2022
£’000
2021
£’000

initial recognition
  
  
(82,850) 64,697
 




As at 31 January 2022 Proportion of Book Market
Income
recognised from
holding in Pre-tax
Net assets
attributable to
Name Business
Latest Financial
Statements
captial owned
%
cost
£’000
value
£’000
the period
(’000)
Turnover
(’000)
profit/(loss)
(’000)
shareholders
(’000)
 Social Media
Not applicable    Nil 
As at 31 January 2021 Proportion of Book Market
Income
recognised from
holding in Pre-tax
Net assets
attributable to
Name Business
Latest Financial
Statements
captial owned
%
cost
£’000
value
£’000
the period
(’000)
Turnover
(’000)
profit/(loss)
(’000)
shareholders
(’000)
 Social Media
Not applicable    Nil 
10 Debtors
2022
£’000
2021
£’000
Due within one year:
Accrued income and prepaid expenses 100 
Share issuance proceeds awaiting settlement  
100 1,347


11 Creditors – amounts falling due within one year
2022
£’000
2021
£’000
  
Purchases for subsequent settlement  
  
Other creditors and accruals  
8,270 4,094




 
 
Financial Report

Baillie Gifford China Growth Trust plc 57
12 Share Capital
2022
Number
2022
£’000
2021
Number
2021
£’000
    
    
Total 68,348,151 17,087 65,944,000 16,486










13 Capital and Reserves
Share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Capital
reserve
realised
£’000
Capital
reserve
unrealised
£’000
Revenue
reserve
£’000
Shareholders’
funds
£’000
      11,610 271,424
Net losses on sales
        (3,507)

holding gains       (79,343)
Other exchange differences       95
Exchange differences on
bank loans       (163)

        24,768
 601      11,268
Cost of share issuances  (112)     (112)

charged to capital       (1,089)
Change of Manager and tender
costs charged to capital    (20)   (20)

charged to capital       (138)
       (4,434)
       592
 17,087 31,780 41,085 152,947 (31,326) 7,768 219,341
Financial Report

58 Annual Report 2022
13 Capital and Reserves (continued)
Share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Capital
reserve
realised
£’000
Capital
reserve
unrealised
£’000
Revenue
reserve
£’000
Shareholders’
funds
£’000
       222,208
Net gains on sales
        49,471

holding gains               15,226
Other exchange differences                 (139)
               56,155
               (68,598)

charged to capital                 (681)

charged to capital       (78)
Change of Manager and tender
costs charged to capital       (559)
       (3,910)
                 2,329
 16,486 13,182 41,085 140,881 48,180 11,610 271,424




14 Net Asset Value per Ordinary Share

with the Articles of Association were as follows:
2022 2021 2022
£’000
2021
£’000
 353.70p 492.66p 219,341 271,424




15 Analysis of Change in Net Debt
1 February
2021
£’000
Cash flows
£’000
Exchange
movement
£’000
31 January
2022
£’000
    5,496
    (5,590)
5,962 (5,988) (68) (94)
1 February
2020
£’000
Cash flows
£’000
Exchange
movement
£’000
31 January
2021
£’000
 7,386 (1,285) (139) 5,962
Financial Report

Baillie Gifford China Growth Trust plc 59
16 Contingent Liabilities, Guarantees and Financial Commitments

17 Transactions with Related Parties and the Managers and Secretaries







18 Financial Instruments









Market Risk





Currency Risk








Financial Report

60 Annual Report 2022
18 Financial Instruments (continued)
Currency Risk (continued)


At 31 January 2022
Investments
£’000
Cash and
deposits
£’000
Bank loans
£’000
Debtors
and creditors
£’000
Net
exposure
£’000
  12   15,581
     123,347
Chinese renminbi     76,467
Total exposure to currency risk 222,015 1,150 (5,590) (2,180) 215,395
Sterling    (400) 3,946
222,015 5,496 (5,590) (2,580) 219,341
At 31 January 2021
Investments
£’000
Cash and
deposits
£’000
Bank loans
£’000
Debtors
and creditors
£’000
Net
exposure
£’000
         43,563
    (2,262) 147,665
Chinese renminbi     73,058
Total exposure to currency risk 268,209   (3,923) 264,286
Sterling       7,138
268,209 5,962 – (2,747) 271,424
Currency Risk Sensitivity




2022
£’000
2021
£’000
  
  
Chinese renminbi  
21,540 26,429
Interest Rate Risk











Financial Report

Baillie Gifford China Growth Trust plc 61
18 Financial Instruments (continued)
Financial Assets


Financial Liabilities


 
2022
£’000
2021
£’000

      
     
5,590 –
 
2022
£’000
2021
£’000

In less than three months
   
 6  
5,596 –
Interest Rate Risk Sensitivity
 

Other Price Risk
 

 




Other Price Risk Sensitivity
 
 


 


Financial Report

62 Annual Report 2022
18 Financial Instruments (continued)
 


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
As at 31 January 2022 Significant unobservable inputs*
Valuation technique
Fair value as at
31 January 2022
£’000
Key
unobservable
inputs
Other
unobservable
inputs Range
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Sensitivity to changes
in significant
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Market approach
using comparable
trading multiples
  a,b,c,d,e  10 



As at 31 January 2021 Significant unobservable inputs*
Valuation technique
Fair value as at
31 January 2021
£’000
Key
unobservable
inputs
Other
unobservable
inputs Range
Sensitivity
%
Sensitivity to changes
in significant
unobservable inputs
Recent transaction
price
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* 



(a) Application of valuation basis






(b) Probability estimation of liquidation events






(c) Selection of comparable companies






(d) Estimated sustainable earnings





(e) Application of illiquidity discount



Financial Report

Baillie Gifford China Growth Trust plc 63
18 Financial Instruments (continued)
Liquidity Risk
 


 
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Credit Risk

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Credit Risk Exposure

2022
£’000
2021
£’000
 100 
  
5,596 7,309

Fair Value of Financial Assets and Financial Liabilities

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Capital Management





19 Subsequent Events Note


Financial Report

64 Annual Report 2022
Notice of Annual General Meeting
Covid-19 coronavirus – Important note regarding
arrangements for the Annual General Meeting (AGM)





of shareholders required to form a quorum will attend the meeting




meantime, the Board encourages all shareholders to submit



bailliegiffordchinagrowthtrust.com


trustenquiries@bailliegifford.com


Baillie Gifford China Growth Trust plc will be held at the Institute


Ordinary Business


 


 

 
 
 
 
 
 

meeting until the conclusion of the next Annual General


 

Special Business











grant of rights in respect of shares with an aggregate nominal







enter into an agreement which would or might require Securities









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 China Growth Trust plc 65





that this power:
(a) expires at the conclusion of the next Annual General









expired; and
 














 



at the date of the passing of this Resolution;
 

of that share;
 

higher of:
 


purchase; and
(ii) the higher of the last independent trade and the






 

conferred shall expire at the conclusion of the Annual







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20 April 2022
Notes
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or other CREST sponsored members, and those CREST
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66 Annual Report 2022
 
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message, regardless of whether it constitutes the appointment
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purpose, the time of receipt will be taken to be the time (as
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
instructions to proxies appointed through CREST should be

 






(or, if the CREST member is a CREST personal member,





CREST members and, where applicable, their CREST

to those sections of the CREST Manual concerning practical

 


 


 




cast), shareholders must be registered in the Register of





 
nominated under section 146 of the Companies Act 2006 to

















conditions are that:
 


 

(c) the request:
 
 



supported;






with at the Annual General Meeting a matter (other than a












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Baillie Gifford China Growth Trust plc 67












resolution to which the requests relate; or

resolution to which the requests relate and hold shares in


 


sent to trustenquiries@bailliegifford.com
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

website at bailliegiffordchinagrowthtrust.com

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date of the Annual General Meeting, which would require the

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





The answers to these questions will be posted on the
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
trustenquiries@bailliegifford.com
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


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




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Shareholder Information

68 Annual Report 2022
Baillie Gifford China Growth Trust is an investment
trust. Investment trusts offer investors the following:
 
 
 


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



trust pages at bailliegifford.com
Sources of Further Information on the Company


website at bailliegiffordchinagrowthtrust.com, Trustnet at
trustnet.co.uk




 
 
Ticker BGCG
 


Key Dates




Share Register Enquiries






— hear the latest share price;
 
 

at investorcentre.co.uk

 

— calculate the total market price of each shareholding;
 
 

in electronic format;
— change address details; and
 

investorcentre.co.uk


Electronic Proxy Voting

eproxyappointment.com


CREST Proxy Voting





Analysis of Shareholders at 31 January
2022
Number of
shares held
2022
%
2021
Number of
shares held
2021
%
Institutions    

 
Platforms    
    
Marketmakers    
62,012,982 100.0  




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Baillie Gifford China Growth Trust plc 69
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transactions in limited circumstances for the purposes of hedging
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and settlement, a greater risk of market shut down, standards of
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Changes in economic conditions (including, for example, changes
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and competition), political, diplomatic, social and demographic
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70 Annual Report 2022
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Trust
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Baillie Gifford China Growth Trust plc 71




AIFM Remuneration

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

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UK Alternative Investment Fund Managers (AIFM) Regulations
Leverage



Gross method Commitment method
Maximum limit  
Actual  
Sustainable Finance Disclosure Regulation (‘SFDR’)











sustainable in the long run if its approach to business is

















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72 Annual Report 2022
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







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Baillie Gifford China Growth Trust plc 73
Total Assets

Net Asset Value


Net Liquid Assets

Discount/Premium (APM)




2022 2021
Closing NAV per share  
Closing share price  
(Discount)/Premium (4.1%) 11.2%
Total Return (APM)

2022
NAV
2022
Share
price
2021
NAV
2021
Share
price
 (a)    

* (b)    
 (c = a x b)    
 (d)    
Total return  (27.0%) (37.1%) 38.1% 67.9%
* 

Ongoing Charges (APM)


A reconciliation from the expenses detailed in the Income Statement on page 46
2022 2021
  
  
  
Total expenses (a)  £1,644,000
 (b)  
Ongoing charges ((a) ÷ (b) expressed as a percentage) 0.72% 0.74%
Performance fees  
Total expenses including performance fees  
Ongoing charges including performance fees (c) as a percentage of (b) 0.72% 0.78%
Glossary of Terms and Alternative Performance Measures (APM)
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74 Annual Report 2022
Ongoing Charges (APM) (continued)



2022 2021
  
  
  
  
Total expenses (a)  
 (b)  
Ongoing charges ((a) ÷ (b) expressed as a percentage) 0.81% 1.02%
Performance fees  
Total expenses including performance fees  
Ongoing charges including performance fees (c) as a percentage of (b) 0.81% 1.06%
Gearing (APM)







2022 2021
Gearing
*
£’000
Potential
Gearing
†
£’000
Gearing *
£’000
Potential
Gearing
†
£’000
Borrowings (a)    
 (b)    
Purchases for subsequent settlement (c)    
 (d)    
1.0% 2.5% – –
* 
†

Leverage (APM)






Active Share (APM)



Net Liquid Assets

Shareholder Information

Baillie Gifford China Growth Trust plc 75
Unlisted (Private) Company


Participatory Notes (or P-Notes)



Variable Interest Entity (‘VIE’)




Shareholder Information

Directors
Chair:
Susan Platts-Martin
Tim Clissold
Magdalene Miller
Chris Ralph
Andrew Robson
Alternative Investment
Fund Managers,
Secretaries and

Baillie Gifford & Co Limited
Grimaldi House
28 St James’s Square
London
SW1Y 4JH
Tel: 0131 275 2000
bailliegifford.com
Registrar
Computershare
Investor Services PLC
The Pavilions
Bridgwater Road
Bristol
BS99 6ZZ
Tel: 0370 707 1410
Company Broker
JP Morgan Cazenove
25 Bank Street
Canary Wharf
London
E14 5JP
Independent Auditor
Ernst & Young LLP
Chartered Accountants and
Statutory Auditors
Atria One
144 Morrison Street
Edinburgh
EH3 8EX
Company Details
bailliegiffordchinagrowthtrust.com
Company Registration
No. 91798
ISIN GB0003656021
Sedol 0365602
Ticker BGCG

213800KOK5G3XYI7ZX18
Depositary
Bank of New York Mellon
(International) Limited
1 Canada Square
London E14 5AL
Further Information
Client Relations Team
Calton Square
1 Greenside Row
Edinburgh
EH1 3AN
Tel: 0800 917 2112
Email:
trustenquiries@bailliegifford.com