Annual Report and Financial Statements
31 August 2022
THE BAILLIE GIFFORD
JAPAN TRUST PLC

Cover2 Annual Report 2022
Notes
None of the views expressed in this document should be construed as advice to buy or sell a particular investment.
Investment trusts are UK public listed companies and as such comply with the requirements of the UK Listing
Authority. They are not authorised or regulated by the Financial Conduct Authority (FCA).
The Baillie Gifford Japan 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 are in any doubt as to the action you should take you should consult your stockbroker, bank manager, solicitor,


If you have sold or otherwise transferred all of your ordinary shares in The Baillie Gifford Japan Trust PLC, please
forward this document, together with any 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 japantrustplc.co.uk.
1 Financial Highlights

 Chairman’s Statement
4 One Year Summary
5 Five Year Summary
6 Ten Year Record
7 Business Review
13 Managers’ Report
15 Review of Top Ten Investments
17 Distribution of Total Investments
17 Relative Contribution
18 Investment Portfolio by Growth Category
 Holding Period
 Portfolio Characteristics
 List of Investments
 Corporate Governance and
Sustainability Engagement
 Baillie Gifford Statement on Stewardship

 Directors and Management
 Directors’ Report
 Corporate Governance Report
33 Audit Committee Report
35 Directors’ Remuneration Report
37 Statement of Directors’ Responsibilities

38 Independent Auditor’s Report
43 Income Statement
44 Balance Sheet
45 Statement of Changes in Equity
46 Cash Flow Statement
47 Notes to the Financial Statements
57 Glossary of Terms and Alternative
Performance Measures

 Notice of Annual General Meeting
63 Further Shareholder Information
66 Sustainable Finance Disclosure
Regulation (‘SFDR’)
67 Communicating with Shareholders
Contents

The Baillie Gifford Japan Trust PLC 01
Net Asset Value

†
-16.3%
2021: +21.0%


†
-23.8%
2021: +25.7%
Benchmark*

†
-3.9%
2021: +16.3%
Financial Highlights
Source: Baillie Gifford/Refinitiv.
Share price
NAV†#
Benchmark
*
* The benchmark is the TOPIX total return (in sterling terms).
A
2021
S
ONDJ FM
A
M
J J
A
2022
90
60
80
100
110
70




Share price
†
NAV
†#
Benchmark*
Financial Highlights – Year to 31 August 2022
The Baillie Gifford Japan Trust PLC aims to achieve long
term capital growth principally through investment in
medium to smaller sized Japanese companies which are
believed to have above average prospects for growth.
Illustration:


Premium/(Discount) (after deducting borrowings at fair value)
Average premium (after deducting borrowings at fair value)
A
2021
SO ND JFM
A
M
J J
A
2022
(12%)
2%
(10%)
(8%)
(6%)
(2%)
0%
(4%)
*
†

#



Premium/(discount)
to Net Asset Value



†#

#

02 Annual Report 2022

Chairman’s Statement



Strategic Report
Introduction







Performance








Compound annual returns
to end August
5 years
(%)
10 years
(%)
Net asset value total return  
Share price total return  
  

Gearing and Borrowing











Dividend






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
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

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


reissue any shares held in treasury for cash on a non pre-emptive

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

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


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04 Annual Report 2022

31 August
2022
31 August
2021 % change
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 
Bank loans  
  
Net asset value per share
#†
  
Share price   

#†
 
  
   

#
 
   
Active share
#
 
Year to 31 August (%) 2022 2021
Total returns
#
Net asset value per share
†
 
Share price  

*  
Year to 31 August 2022 2022 2021 2021
Year’s high and low High Low High Low
Net asset value per share
#†
   
Share price    

#†
   
31 August
2022
31 August
2021
Net return per ordinary share
Revenue  
Capital  
Total  
* 
#

†


One Year Summary





The Baillie Gifford Japan Trust PLC 05



Premium/(Discount) to Net Asset Value



Source: Refinitiv/Baillie Gifford
Baillie Gifford Japan premium/(discount)
†
Baillie Gifford Japan average premium/(discount)
†
The premium/(discount)
†
is the difference between Baillie Gifford Japan’s quoted
share price and its underlying net asset value (at par).
#
2017
Years to 31 August
2019 2020
2021
2022
2018
0%
(9%)
(3%)
12%
3%
9%
6%
(6%)




*
Source: Refinitiv/Baillie Gifford.
NAV total return relative to the benchmark
†#
Share price total return relative to the benchmark
†
2018
Years to 31 August
2019 2020
2021
2022
(30%)
(20%)
(10%)
0%
10%
20%
Source: Refinitiv/Baillie Gifford.
NAV total return
†#
Share price total return
†
2018
Years to 31 August
2019 2020
2021
2022
30%
(30%)
(15%)
15%
0%
2017
Cumulative to 31 August
2019 2020
2021
2022
2018
Source: Refinitiv/Baillie Gifford.
NAV total return (at par)
†#
Share price total return
†
Benchmark total return *
†
80
140
160
100
120
*
†

#

Five Year Summary
*



06 Annual Report 2022
Ten Year Record
*
 
Year to
31 August
Gross
revenue
£’000
Available
for ordinary
shareholders
£’000
Revenue
earnings per
ordinary share
p
Dividend paid
and proposed
per ordinary
share
p
Ongoing
charges
†
%
Gearing
†
%
Potential
gearing
†
%
    –   
    –   
  322  –   
    –   
    –   
    –   
       
       
2020       20

      
   11.31   18 
Capital
At
31 August
Total
assets *
£’000
Bank
loans
£’000
Shareholders’
funds
£’000
Net asset value
per ordinary
share (par)
†
p
Share
price
p
Premium/
(discount)
†#
%
      
      
      
      
      
      
      
      
2020      

     
      (8.1)

At 31 August
Net asset
value per share
total return
†#
Share price
total return
†
Benchmark
total return
¶
Net asset
value per share
total return
% change
†#
Share price
total return
% change
†
Benchmark
total return
% change
¶
   
      
      
      
      
      
   232   
      
2020   230   
      
      
Compound annual returns
   
   
*

†

¶

#








The Baillie Gifford Japan Trust PLC 07





companies and their shares are traded on the London Stock








that the Company has continued to conduct its affairs so as to





Objective and Policy


















of the portfolio are carefully monitored, there are 









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



Business Review








Performance



Key Performance Indicators



The movement in net asset value total return per ordinary share
Net asset value
total return
%
Benchmark
total return
%
Percentage
point relative
return
   
   
2020   
   
2022   
The movement in share price total return
Share price
total return
%
Benchmark
total return
%
Percentage
point relative
return
   
   
2020   
   
2022   

per share
Premium/(discount)
%
 
 
2020 
 
2022 

Ongoing charges
%
 
 
2020 
 
2022 
*


08 Annual Report 2022
Key Performance Indicators (continued)



Borrowings

Currency Hedging










Risk and Impact How the risk is managed Current assessment of risk
Investment and Strategic Risk
Financial Risk Impact: 

risks are therefore market related and include market





in particular, considered the impact of



Board considers various portfolio metrics














Increasing: This risk is seen as

volatility as a result of the Russian



continues to have an impact on

Investment Strategy Risk: 


or the ineffective implementation of an attractive or

shareholders and, as a result, a decreased demand










Stable




The Baillie Gifford Japan Trust PLC 09

Risk and Impact How the risk is managed Current assessment of risk
Investment and Strategic Risk (continued)
Discount Risk:




The Board monitors the level of premium/





Increasing:
shares moved from a premium

Smaller Company Risk:
The Company has investments in smaller companies







discusses the investment case and portfolio


Increasing:




Environmental, Social and Governance (ESG)
Risk:













Stable: 



Leverage Risk:




the Company may have to sell investments to










Glossary of Terms and Alternative Performance

Increasing: This risk is seen as


External Risks
Regulatory Risk:


Rules and the Companies Act could lead to






Risk, Internal Audit and Compliance





representation is made to ensure that the
special circumstances of investment trusts





to ensure adherence to the Transparency


Stable: All control procedures are






10 Annual Report 2022

Risk and Impact How the risk is managed Current assessment of risk
External Risks (continued)
Political and Associated Economic Risk:

invests or may invest may have practical




Increasing: 
as Governments and consumers

assess the impact of the Russian

sanctions applied in response,




Operational Risks
Custody and Depositary Risk: Safe custody of the












is reported to the Audit Committee and any


Stable: Control procedures


Custodian moved seamlessly



Reliance on Third party Service Provider Risk:














key third party service providers have not



Stable: Control procedures


Custodian moved seamlessly to



Cyber Security Risk:







to the Audit Committee on the effectiveness of
information security controls in place at Baillie


Baillie Gifford on third party service providers


Increasing:
due to recent indications that




pandemic, service providers





Emerging Risks




The Baillie Gifford Japan Trust PLC 11



 




 
 
 

 

 

 




































Governance Code, assessed the prospects of the Company
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

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
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


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


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
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

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




fall due, the 




 
Company are outsourced to third party service providers and
























12 Annual Report 2022

















to all stakeholders and that proper consideration of ESG factors



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
 









 

Company intends to recruit an additional independent

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 
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 
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and all its functions are outsourced, there are no disclosures to
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Future Developments of the Company
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
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The Baillie Gifford Japan Trust PLC 13
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
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
favour companies that supply critical parts and components such



14 Annual Report 2022

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
Baillie Gifford

*

The Baillie Gifford Japan Trust PLC 15
Review of Top Ten Investments

Review of Top Ten Investments

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
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allocator of capital and the discount that the shares trade at to

FANUC

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
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
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Bridgestone
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















FANUC

16 Annual Report 2022

Calbee














phase of market consolidation in the past, the top three players









Calbee











CyberAgent














The Baillie Gifford Japan Trust PLC 17

Distribution of Total Investments










Name
Portfolio
(average
weight)
%
Index
(average
weight)
%
Relative
contribution
%
   
Istyle   
Sumitomo Mitsui Trust   
   
Gree   
TKP   
Tokyo Tatemono   
Keyence   
Hoya   
Itochu   
Name
Portfolio
(average
weight)
%
Index
(average
weight)
%
Relative
contribution
%
M3   
SoftBank   
Katitas   
   
   
   
   
Advantest   
Itochu   
SanBio   
Name
Portfolio
(average
weight)
%
Index
(average
weight)
%
Relative
contribution
%
Rakuten   
Raksul   
   
Mercari   
   
   
   
   
Infomart   
Misumi   
Name
Portfolio
(average
weight)
%
Index
(average
weight)
%
Relative
contribution
%
Rakuten   
Toyota Motor   
Sato   
Lifull   
   
Raksul   
   
   
   
   

Chemicals and
other materials
8.2% (7.6%)
Electricals and electronics
14.3% (15.4%)
Manufacturing
and machinery
21.5% (19.5%)
Retail
4.1% (2.2%)
Commerce and services
18.0% (21.1%)
Pharmaceuticals
and food
3.6% (3.6%)
Financials
9.4% (9.5%)
Information,
communication
and utilities
16.6% (17.5%)
Real estate and
construction
4.3% (3.6%)
TOPIX Large 70
32.2 % (32.0%)
TOPIX Core 30
16.2 % (14.6%)
TOPIX Small and Others
15.1 % (22.8%)
TOPIX Mid 400
27.9
% (29.9%)
Jasdaq 0.8% (0.7%)
TOPIX Mothers
7.8 % (nil)
Relative Contribution

18 Annual Report 2022
 



% of
total investments
% of
total investments




Misumi

Rakuten



Nidec
Sato

Istyle
TKP
Topcon
Mercari
Keyence
Raksul
SMC

Shimano
Toyota Tsusho
Broadleaf

Infomart
BASE

Noritsu Koki

Nippon Ceramic


Lifull



































Nintendo
Shiseido


Seria

Makita


Secom













Total 45.4 Total 14.3

Time Time

Investment Portfolio by Growth Category



The Baillie Gifford Japan Trust PLC 19
 Cyclical Growth




% of
total investments
% of
total investments
SoftBank

Sony

Tokyo Tatemono
Colopl









Sumitomo Mitsui Trust

Itochu



Rohm
Nifco


Iida

Shima Seiki














Total  Total 
Time


TimeTime


20 Annual Report 2022
>10 years % of total
investments
 
 
Misumi 
 
Itochu 
Rakuten 
 
Tokyo Tatemono 
Rohm 
Nifco 
SMC 
 
 
Lifull 
Total 
2–5 years % of total
investments
 
 
 
Sato 
 
 
Mercari 
Raksul 
Shimano 
 
Makita 
Noritsu Koki 
 
 
Total 
<2 years % of total
investments
 
 
Nintendo 
Shiseido 
 
 
TKP 
 
 
Seria 

Paints 
Shima Seiki 
BASE 
 
 
Total 

5–10 years % of total
investments
SoftBank 
 
Sumitomo Mitsui Trust 
 
Sony 
Sumitomo Metal
  
 
 
Nidec 
Istyle 
 
Colopl 
Topcon 
Keyence 
 
Toyota Tsusho 
Broadleaf 
Iida 
 
Infomart 
 
Secom 
Nippon Ceramic 
 
Total 36.7
— 
— 

— 
— 
Portfolio Characteristics
Source: UBS, sterling, as at 31 August 2022.
* Historic: Trailing 3 years sales growth.
** 12 month forward estimate. Market conditions at the Company’s year
end meant the Return on Equity of the portfolio was below that of the
benchmark.
Japan Trust
TOPIX
Sales
Growth
*
% p.a.
Return on
Equity
**
%
Debt/Equity
Ratio
Price/
Earnings
**
Market Cap
(£m)
0
10
40
20
30
Holding Period



The Baillie Gifford Japan Trust PLC 21
Name Sector
Value
31 August
2022
£’000
% of total
investments
Absolute
†
performance
%
Relative
†
performance
%
SoftBank Information, communication and utilities    
 Electricals and electronics    
 Financials    
 Information, communication and utilities    
     
Sumitomo Mitsui Trust Financials    
 Pharmaceuticals and food    
 Financials    
Misumi Commerce and services    
 Commerce and services    
Sony Electricals and electronics    
     
     
Itochu Commerce and services    
 Commerce and services    
Rakuten Commerce and services    
 Electricals and electronics    
 Chemicals and other materials    
Nintendo     
*  *
Shiseido     * *
 Chemicals and other materials    
 Commerce and services    
 Retail    
Nidec Electricals and electronics    
Tokyo Tatemono Real estate and construction    
Sato     
     
 Chemicals and other materials    
Rohm Electricals and electronics    
Istyle Information, communication and utilities    
 Electricals and electronics    
Colopl Information, communication and utilities    
 Information, communication and utilities    
Topcon     
Nifco Chemicals and other materials    
TKP Real estate and construction    
Mercari Information, communication and utilities    
Keyence Electricals and electronics    
     
 Commerce and services    
SMC     
Raksul Information, communication and utilities    
 Retail    
*  *
Toyota Tsusho Commerce and services    
List of Investments at 31 August 2022


22 Annual Report 2022

Name Sector
Value
31 August
2022
£’000
% of total
investments
Absolute
†
performance
%
Relative
†
performance
%
Shimano     
 Retail    
Seria Retail    
*  *
 Chemicals and other materials    
Broadleaf Information, communication and utilities    
Iida Real estate and construction    
Makita     
 Real estate and construction    
 Chemicals and other materials   
*  *
 Information, communication and utilities    
Shima Seiki     
*  *
Infomart Commerce and services    
Noritsu Koki     
     
*  *
 Pharmaceuticals and food    
BASE Information, communication and utilities    
Secom Commerce and services    
 Information, communication and utilities 3,323   
*  *
Nippon Ceramic Electricals and electronics    
 Commerce and services    
 Commerce and services    
 Pharmaceuticals and food    
Lifull Commerce and services    
Total investments  
Net liquid assets 
Total assets
#

Bank loans 
Equity shareholders' funds 
†


* 
#





Chairman

The Baillie Gifford Japan Trust PLC 23
Corporate Governance and Sustainability Engagement




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


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



relations teams to discuss the recent update to its climate

Discussion






discussion covered value chain emissions – most especially the






Outcome








Discussion














Outcome




Climate Change

to our environment, our society and to economies and companies






















24 Annual Report 2022
Baillie Gifford Statement on Stewardship







Prioritisation of Long-term Value Creation









A Constructive and Purposeful Board








We look for remuneration policies that are simple, transparent and





























The Baillie Gifford Japan Trust PLC 25
Baillie Gifford Statement on Stewardship


Directors
David Kidd – Chairman

untimely death of Keith Falconer, appointed Chairman in June















Joanna Pitman
















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
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
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The Company has appointed Baillie Gifford & Co Limited, a
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

Directors and Management


26 Annual Report 2022



Corporate Governance
32 and
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
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


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



Depositary










Directors


































Directors’ Report


The Baillie Gifford Japan Trust PLC 27
Dividend


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


















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











 


 




then:
 

 

resold from treasury at a premium to net asset value per ordinary






 




28 Annual Report 2022
 











result in an increase in net asset value per ordinary share for the


Directors’ Fee Limit



Articles of Association


Continuation of the Company






Financial Instruments


creditors that arise directly from its operations such as sales and




Disclosure of Information to Auditor







Independent Auditor





























Bribery Act











recommend that all shareholders vote in favour of them, as they




Chairman



The Baillie Gifford Japan Trust PLC 29



frc.org.uk and the relevant



theaic.co.uk
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







The Board






















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

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



Appointments to the Board








Chairman and Directors’ Tenure






Independence of Directors






















Board
Audit
Committee
Nomination
Committee
Number of meetings 4 3 1

*  3 
  3 
  3 
Joanna Pitman  3 
 3 2 –
 2  –
*


Corporate Governance Report


30 Annual Report 2022
Nomination Committee












Diversity









japantrustplc.co.uk
Board Composition







Performance Evaluation







 
 
 
 
 
 
 
 
 













Induction and Training











Audit Committee


































The Baillie Gifford Japan Trust PLC 31


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
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
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
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
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

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







summary of the key points is reported to the Audit Committee














are monitored and the sensitivity of the portfolio to key risks is
undertaken periodically as appropriate to ascertain the impact of



Going Concern































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

32 Annual Report 2022
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
Chairman


The Baillie Gifford Japan Trust PLC 33


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japantrustplc.co.uk
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
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
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
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 
 
 
 

the information necessary for shareholders to assess the

 

— the appointment/reappointment, remuneration and terms
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 

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 
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 
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 
 
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 

 


Internal Audit

internal control systems and the internal audit function in place


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




Audit Committee Report

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

34 Annual Report 2022








provide assurance that the Annual Report and Financial
Statements are correct in all material respects and that its role is







External Auditor







 
 


 





 
 

 


 
 
 
 









Audit Tender















presentations the Committee recommended the Board appoint
















Accountability and Audit





Audit Committee Chair


The Baillie Gifford Japan Trust PLC 35
Directors’ Remuneration Report




approval every three years or sooner if an alteration to the policy





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that the additional fee for the Chairman of the Audit Committee
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Expected
fees for
year ending
31 Aug 2023
£
Fees as at
31 Aug 2022
£
  
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Additional fee for Chair of the
Audit Committee  
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





Name
2022
Fees
£
2022
Taxable
benefits *
£

Total
£
2021
Fees
£
2021
Taxable
benefits *
£

Total
£
     – 
   31,564  – 
    – – –
Joanna Pitman     – 
  –   – 
     – 
    – 
*


36 Annual Report 2022
Cumulative to 31 August
Source: Baillie Gifford/Refinitiv and relevant underlying index providers.
See disclaimer on page 65.
Share price total return
TOPIX total return (in sterling terms)
2012
2015 2016
2019
2021
2013 2014
2017 2018
20222020
0
400
300
200
100
500
600
Annual Percentage Change in Fees


Name
% from
2021 to
2022
% from
2020 to
2021
  

   
 – –
Joanna Pitman  
  
  


Directors’ Interests (audited)




Name
Nature
of interest
Ordinary 5p
shares held at
31 August 2022
Ordinary 5p
shares held at
31 August 2021
   
   
   –
Joanna Pitman   











2022
£’000
2021
£’000
%
Change
   
   
Company Performance



investment made up of shares in the component parts of the


Company has measured its performance over the period covered

Performance Graph


Approval



Joanna Pitman
Remuneration Committee Chair


The Baillie Gifford Japan Trust PLC 37

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
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
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 
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



assets of the Company and to prevent and detect fraud and

Statement of Directors’ Responsibilities in Respect
of the Annual Report and the Financial Statements

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















 



and
 



We consider the Annual Report and Financial Statements taken








38 Annual Report 2022

1. Our opinion is unmodified
We have audited the financial statements of The Baillie
Gifford Japan Trust plc. (“the Company”) for the year
ended 31 August 2022 which comprise the Income
Statement, Balance Sheet, Statement of Changes in
Equity, Cash Flow Statement and the related notes,
including the accounting policies in note 1.
In our opinion the financial statements:
— give a true and fair view of the state of the
Company’s affairs as at 31 August 2022 and of its
return for the year then ended;
— have been properly prepared in accordance with UK
accounting standards, including FRS 102, The
Financial Reporting Standard applicable in the UK
and Republic of Ireland; and
— have been prepared in accordance with the
requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with
International Standards on Auditing (UK) (“ISAs (UK)”)
and applicable law. Our responsibilities are described
below. We believe that the audit evidence we have
obtained is a sufficient and appropriate basis for our
opinion. Our audit opinion is consistent with our report
to the audit committee.
We were first appointed as auditor by the Directors on
30 November 2017. The period of total uninterrupted
engagement is for the five financial years ended 31
August 2022. We have fulfilled our ethical
responsibilities under, and we remain independent of
the Company in accordance with, UK ethical
requirements including the FRC Ethical Standard as
applied to listed public interest entities. No non-audit
services prohibited by that standard were provided.
Independent
auditor’s report
to the members of The Baillie Gifford Japan Trust plc.
Overview
Materiality:
Financial
statements as a
whole
£9.3m (2021:£11m)
1% (2021: 1%) of Total Assets
Key audit matters vs 2021
Recurring risks Carrying amount of quoted
investments


The Baillie Gifford Japan Trust PLC 39
2. Key audit matters: including our assessment of risks of material misstatement
Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the financial statements
and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by us, including those
which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the
engagement team. We summarise below the key audit matter, (unchanged from 2021), in arriving at our audit opinion above, together
with our key audit procedures to address this matter and our findings from those procedures in order that the Company's members, as a
body, may better understand the process by which we arrived at our audit opinion. This matter was addressed, and our findings are based
on procedures undertaken, in the context of, and solely for the purpose of, our audit of the financial statements as a whole, and in forming
our opinion thereon, and consequently are incidental to that opinion, and we do not provide a separate opinion on this matter.
The risk Our response
Carrying amount of
quoted investments
(£930.3 million; 2021:
£1,053.7 million)
Refer to page 33 (Audit
Committee Report), page
47 (accounting policy) and
note 9 on page 50
(financial disclosures).
Low risk, high value:
The Company’s portfolio of quoted
investments makes up 98.6% (2021:
95.8%) of the Company’s total assets (by
value) and is one of the key drivers of
results.
We do not consider these investments
to be at a high risk of significant
misstatement, or to be subject to a
significant level of judgement because
they comprise liquid, quoted
investments.
However, due to their materiality in the
context of the financial statements as a
whole, they are considered to be one of
the areas which had the greatest effect
on our overall audit strategy and
allocation of resources in planning and
completing our audit.
We performed the tests below rather than seeking to rely on any
of the Company’s controls, because the nature of the balance is
such that we would expect to obtain audit evidence primarily
through the detailed procedures described below.
Our procedures included:
— Test of detail: Agreeing the valuation of 100% of investments
in the portfolio to externally quoted prices; and
— Enquiry of custodians: Agreeing 100% of quoted investment
held in the portfolio to independently received third party
confirmations from investment custodians.
Our findings
We found no differences (2021: no differences) from the third
party holdings confirmations nor from the externally quoted prices
of a size to require reporting to the audit committee.
3. Our application of materiality and an overview of the scope of
our audit
Materiality for the financial statements as a whole was set at
£9.3m (2021: £11m), determined with reference to a benchmark of
total assets, of which it represents 1% (2021: 1%).
In line with our audit methodology, our procedures on individual
account balances and disclosures were performed to a lower
threshold, performance materiality, so as to reduce to an
acceptable level the risk that individually immaterial
misstatements in individual account balances add up to a material
amount across the financial statements as a whole. Performance
materiality was set at 75% (2021: 75%) of materiality for the
financial statements as a whole, which equates to £6.9m (2021:
£8.2m). We applied this percentage in our determination of
performance materiality because we did not identify any factors
indicating an elevated level of risk.
We agreed to report to the Audit Committee any corrected or
uncorrected identified misstatements exceeding £465k (2021:
£550k), in addition to other identified misstatements that
warranted reporting on qualitative grounds.
Our audit of the Company was undertaken to the materiality and
performance materiality levels specified above and was performed
by a single audit team.
The scope of the audit work performed was fully substantive as we
did not place reliance upon the Company’s internal control over
financial reporting.
Total Assets
£943.5m (2021: £1,100.1m)
Materiality
£9.3m (2021: £11m)
£9.3m
Whole financial
statements materiality
(20
21: £11m)
£6.9m
Performance materiality
(2021: £8.2m)
£465k
Misstatements reported to
the audit committee (2021:
£550k)
Total assets
Materiality


40 Annual Report 2022
4. The impact of climate change on our audit
In planning our audit we have considered the potential impacts
of climate change on the Company’s financial statements.
We have performed a risk assessment of how the impact of
climate change may affect the financial statements and our audit.
Level 1 listed investments make up 98.6% of the Group’s total
assets, for which fair value is determined as the quoted market
price. Therefore there was no significant impact of this on our
key audit matter.
We have read the disclosure of climate related narrative in the
front half of the financial statements and considered consistency
with the financial statements and our audit knowledge.
5. Going concern
The Directors have prepared the financial statements on the
going concern basis as they do not intend to liquidate the
Company or to cease its operations, and as they have concluded
that the Company’s financial position means that this is realistic.
They have also concluded that there are no material
uncertainties that could have cast significant doubt over its
ability to continue as a going concern for at least a year from the
date of approval of the financial statements (“the going concern
period”).
We used our knowledge of the Company, its industry, and the
general economic environment to identify the inherent risks to
its business model and analysed how those risks might affect the
Company’s financial resources or ability to continue operations
over the going concern period. The risks that we considered most
likely to adversely affect the Company’s available financial
resources and metrics relevant to debt covenants over this
period were:
— the impact of a significant reduction in the valuation of
investments;
— the liquidity of the investment portfolio and its ability to
meet the liabilities of the Company as and when they fall
due; and
— the operational resilience of key service organisations.
We considered whether these risks could plausibly affect the
liquidity or covenant compliance in the going concern period by
assessing the degree of downside assumption that, individually
and collectively, could result in a liquidity issue, taking into
account the Company’s liquid investment position (a reverse
stress test).
We considered whether the going concern disclosure in note 1 to
the financial statements gives a full and accurate description of
the Directors’ assessment of going concern, including the
identified risks and related sensitivities.
Our conclusions based on this work:
— We consider that the Directors’ use of the going concern
basis of accounting in the preparation of the financial
statements is appropriate;
— We have not identified, and concur with the Directors’
assessment that there is not, a material uncertainty related
to events or conditions that, individually or collectively, may
cast significant doubt on the Company's ability to continue
as a going concern for the going concern period;
5. Going concern (continued)
— We have nothing material to add or draw attention to in relation to
the Directors’ statement in note 1 to the financial statements on
the use of the going concern basis of accounting with no material
uncertainties that may cast significant doubt over the Company’s
use of that basis for the going concern period, and we found the
going concern disclosure in note 1 to be acceptable; and
— The related statement under the Listing Rules set out on page 31 is
materially consistent with the financial statements and our audit
knowledge.
However, as we cannot predict all future events or conditions
and as subsequent events may result in outcomes that are
inconsistent with judgements that were reasonable at the time
they were made, the above conclusions are not a guarantee that
the Company will continue in operation.
6 Fraud and breaches of laws and regulations – ability to
detect
Identifying and responding to risks of material misstatement
due to fraud
To identify risks of material misstatement due to fraud (“fraud
risks”) we assessed events or conditions that could indicate an
incentive or pressure to commit fraud or provide an opportunity
to commit fraud. Our risk assessment procedures included:
— enquiring of Directors as to the Company’s high-level
policies and procedures to prevent and detect fraud, as well
as whether they have knowledge of any actual, suspected or
alleged fraud;
— assessing the segregation of duties in place between the
Directors, the Administrator and the Company’s Investment
Manager; and
— reading Board and Audit Committee minutes.
We communicated identified fraud risks throughout the audit
team and remained alert to any indications of fraud throughout
the audit.
As required by auditing standards, we perform procedures to
address the risk of management override of controls, in particular
to the risk that management may be in a position to make
inappropriate accounting entries. We evaluated the design and
implementation of the controls over journal entries and other
adjustments and made inquiries of the Administrator about
inappropriate or unusual activity relating to the processing of
journal entries and other adjustments.
We substantively tested all material post-closing entries and,
based on the results of our risk assessment procedures and
understanding of the process, including the segregation of duties
between the Directors and the Administrator, no further high-risk
journal entries or other adjustments were identified.
On this audit we do not believe there is a fraud risk related to
revenue recognition because the revenue is non-judgemental
and straightforward, with limited opportunity for manipulation.
We did not identify any additional fraud risks.
Identifying and responding to risks of material misstatement
related to compliance with laws and regulations
We identified areas of laws and regulations that could reasonably
be expected to have a material effect on the financial statements
from our general commercial and sector experience and through
discussion with the Directors, the Investment Manager and the
Administrator (as required by auditing standards) and discussed
with the Directors the policies and procedures regarding
compliance with laws and regulations. As the Company is
regulated, our assessment of risks involved gaining an
understanding of the control environment including the entity’s
procedures for complying with regulatory requirements.


The Baillie Gifford Japan Trust PLC 41
6.
Fraud and breaches of laws and regulations – ability to
detect (continued)
Identifying and responding to risks of material misstatement
related to compliance with laws and regulations (continued)
We communicated identified laws and regulations throughout
our team and remained alert to any indications of non-
compliance throughout the audit.
The potential effect of these laws and regulations on the financial
statements varies considerably.
Firstly, the Company is subject to laws and regulations that
directly affect the financial statements including financial
reporting legislation (including related companies legislation),
distributable profits legislation, and its qualification as an
Investment Trust under UK taxation legislation, any breach of
which could lead to the Company losing various deductions and
exemptions from UK corporation tax, and we assessed the extent
of compliance with these laws and regulations as part of our
procedures on the related financial statement items.
Secondly, the Company is subject to many other laws and
regulations where the consequences of non-compliance could
have a material effect on amounts or disclosures in the financial
statements, for instance through the imposition of fines or
litigation. We identified the following areas as those most likely
to have such an effect: money laundering, data protection,
bribery and corruption legislation and certain aspects of company
legislation recognising the financial and regulated nature of the
Company’s activities and its legal form. Auditing standards limit
the required audit procedures to identify non-compliance with
these laws and regulations to enquiry of the Directors and the
Administrator and inspection of regulatory and legal
correspondence, if any. Therefore if a breach of operational
regulations is not disclosed to us or evident from relevant
correspondence, an audit will not detect that breach.
Context of the ability of the audit to detect fraud or breaches
of law or regulation
Owing to the inherent limitations of an audit, there is an
unavoidable risk that we may not have detected some material
misstatements in the financial statements, even though we have
properly planned and performed our audit in accordance with
auditing standards. For example, the further removed non-
compliance with laws and regulations is from the events and
transactions reflected in the financial statements, the less likely
the inherently limited procedures required by auditing standards
would identify it.
In addition, as with any audit, there remained a higher risk of
non-detection of fraud, as these may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of
internal controls. Our audit procedures are designed to detect
material misstatement. We are not responsible for preventing
non-compliance or fraud and cannot be expected to detect non-
compliance with all laws and regulations.
7. We have nothing to report on the other information in the
Annual Report and financial statements
The Directors are responsible for the other information
presented in the Annual Report together with the financial
statements. Our opinion on the financial statements does not
cover the other information and, accordingly, we do not express
an audit opinion or, except as explicitly stated below, any form of
assurance conclusion thereon.
7. We have nothing to report on the other information in the
Annual Report and financial statements (continued)
Our responsibility is to read the other information and, in doing
so, consider whether, based on our financial statements audit
work, the information therein is materially misstated or
inconsistent with the financial statements or our audit
knowledge. Based solely on that work we have not identified
material misstatements in the other information.
Strategic report and Directors’ report
Based solely on our work on the other information:
— we have not identified material misstatements in the
strategic report and the Directors’ report;
— in our opinion the information given in those reports for the
financial year is consistent with the financial statements; and
— in our opinion those reports have been prepared in
accordance with the Companies Act 2006.
Directors’ Remuneration Report
In our opinion the part of the Directors’ Remuneration Report to
be audited has been properly prepared in accordance with the
Companies Act 2006.
Disclosures of emerging and principal risks and longer-term
viability
We are required to perform procedures to identify whether there
is a material inconsistency between the Directors’ disclosures in
respect of emerging and principal risks and the viability
statement, and the financial statements and our audit know
ledge.
Based on those procedures, we have nothing material to add or
draw attention to in relation to:
— the Directors’ confirmation within the Viability Statement on
page 11 that they have carried out a robust assessment of the
emerging and principal risks facing the Company, including
those that would threaten its business model, future
performance, solvency and liquidity;
— the Principal and Emerging Risks disclosures describing these
risks and how emerging risks are identified, and explaining
how they are being managed and mitigated; and
— the Directors’ explanation in the Viability Statement of how
they have assessed the prospects of the Company, over what
period they have done so and why they considered that
period to be appropriate, and their statement as to whether
they have a reasonable expectation that the Company will be
able to continue in operation and meet its liabilities as they
fall due over the period of their assessment, including any
related disclosures drawing attention to any necessary
qualifications or assumptions.
We are also required to review the Viability Statement, set out
on page 11 under the Listing Rules. Based on the above
procedures, we have concluded that the above disclosures are
materially consistent with the financial statements and our audit
knowledge.


42 Annual Report 2022
7. We have nothing to report on the other information in the
Annual Report (continued)
Disclosures of emerging and principal risks and longer-term
viability (continued)
Our work is limited to assessing these matters in the context of
only the knowledge acquired during our financial statements
audit. As we cannot predict all future events or conditions and as
subsequent events may result in outcomes that are inconsistent
with judgements that were reasonable at the time they were
made, the absence of anything to report on these statements is
not a guarantee as to the Company’s longer-term viability.
Corporate governance disclosures
We are required to perform procedures to identify whether there
is a material inconsistency between the Directors’ corporate
governance disclosures and the financial statements and our
audit knowledge.
Based on those procedures, we have concluded that each of the
following is materially consistent with the financial statements
and our audit knowledge:
— the Directors’ statement that they consider that the annual
report and financial statements taken as a whole is fair,
balanced and understandable, and provides the information
necessary for shareholders to assess the Company’s position
and performance, business model and strategy;
— the section of the annual report describing the work of the
Audit Committee, including the significant issues that the
audit committee considered in relation to the financial
statements, and how these issues were addressed; and
— the section of the annual report that describes the review of
the effectiveness of the Company’s risk management and
internal control systems.
We are required to review the part of Corporate Governance
Statement relating to the Company’s compliance with the
provisions of the UK Corporate Governance Code specified by
the Listing Rules for our review. We have nothing to report in this
respect.
8.
We have nothing to report on the other matters on which
we are required to report by exception
Under the Companies Act 2006, we are required to report to you
if, in our opinion:
— adequate accounting records have not been kept, or returns
adequate for our audit have not been received from branches
not visited by us; or
— the financial statements and the part of the Directors’
Remuneration Report to be audited are not in agreement
with the accounting records and returns; or
— certain disclosures of Directors’ remuneration specified by
law are not made; or
— we have not received all the information and explanations we
require for our audit.
We have nothing to report in these respects.
9. Respective responsibilities
Directors’ responsibilities
As explained more fully in their statement set out on page 37, the
Directors are responsible for: the preparation of the financial
statements including being satisfied that they give a true and fair
view; such internal control as they determine is necessary to
enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error; assessing
the Company’s ability to continue as a going concern, disclosing,
as applicable, matters related to going concern; and using the
going concern basis of accounting unless they either intend to
liquidate the Company or to cease operations, or have no
realistic alternative but to do so.
Auditor’s responsibilities
Our objectives are to obtain reasonable assurance about whether
the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue our
opinion in an auditor’s report. Reasonable assurance is a high
level of assurance, but does not guarantee that an audit
conducted in accordance with ISAs (UK) will always detect a
material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or
in aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of the financial
statements.
A fuller description of our responsibilities is provided on the
FRC’s website at: www.frc.org.uk/auditorsresponsibilities
.
The Company is required to include these financial statements in
an annual financial report prepared using the single electronic
reporting format specified in the TD ESEF Regulation. This
auditor’s report provides no assurance over whether the annual
financial report has been prepared in accordance with that
format.
10. The purpose of our audit work and to whom we owe our
responsibilities
This report is made solely to the Company’s members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act
2006 and the terms of our engagement by the Company. Our
audit work has been undertaken so that we might state to the
Company’s members those matters we are required to state to
them in an auditor’s report, and the further matters we are
required to state to them in accordance with the terms agreed
with the Company, and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the
Company’s members, as a body, for our audit work, for this
report, or for the opinions we have formed.
John Waterson (Senior Statutory Auditor)
for and on behalf of KPMG LLP, Statutory Auditor
Chartered Accountants
Saltire Court
20 Castle Terrace
Edinburgh
EH1 2EG
18 October 2022


The Baillie Gifford Japan Trust PLC 43
Income Statement
For the year ended 31 August
Notes
2022
Revenue
£’000
2022
Capital
£’000

Total

2021
Revenue
£’000
2021
Capital
£’000

Total

  –   –  
  –   –  
Income 2  –   – 
 3  –   – 
   –   – 

and taxation      
   –   – 
Net return before taxation      
   –   – 
Net return after taxation      
Net return per ordinary share  11.31p  (164.88p)   








44 Annual Report 2022
Balance Sheet

*
As at 31 August
Notes
2022
£’000
2022
£’000
2021
£’000
2021
£’000
Fixed assets
   
Current assets
   
   
 
Creditors
   
Net current (liabilities)/assets  
Total assets less current liabilities 848,661 
Creditors
   
Net assets  
Capital and reserves
Share capital   
Share premium account   
Capital redemption reserve  203 203
Capital reserve   
Revenue reserve   
Equity shareholders’ funds  
Net asset value per ordinary share
*   



Chairman


The Baillie Gifford Japan Trust PLC 45
Statement of Changes in Equity


Notes
Share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Capital
reserve
£’000
Revenue
reserve
£’000

funds

   203   
  – – –  – 
  – – –   
  – – – –  
 4,717   556,414  

Notes
Share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Capital
reserve
£’000
Revenue
reserve
£’000

funds

   203   
Shares issued    –  – 
  – – –   
  – – – –  
 4,717     


46 Annual Report 2022

Cash Flow Statement
For the year ended 31 August
Notes
2022
£’000
2022
£’000
2021
£’000
2021
£’000

  
   
  
  
  
  
Cash from operations  
Interest paid  
  

  
  
  
  

  
   
  –
  
Decrease in cash and cash equivalents  
  
  
Cash and cash equivalents at end of period
*  
* 


The Baillie Gifford Japan Trust PLC 47





1 Principal Accounting Policies





(a) Basis of Accounting
 























 






 










 




 



 


 





(b) Investments
 





 

 






(c) Cash and Cash Equivalents
 


or if they have a maturity or period of notice of not more than one

(d) Income
 



 

 

 

 

 
of the cash dividend declared is credited to the revenue



(e) Expenses
 


are added to the cost of the investment or deducted from the sale


(f) Finance Costs
 




 

Notes to the Financial Statements


48 Annual Report 2022
 
2022
£’000
2021
£’000
Income from investments
  
Other income
Miscellaneous income 2 –
Total income  
 – all charged to revenue
2022
£’000
2021
£’000
  


4 Other Administrative Expenses – all charged to revenue
2022
£’000
2021
£’000
  
  
  
 668

(g) Taxation
 









(h) Foreign Currencies
 







 
 





 cant Estimates and Judgements
 











Notes to the Financial Statements (continued)

The Baillie Gifford Japan Trust PLC 49
5 Finance Costs of Borrowings
2022
£’000
2021
£’000
 1,866 

6 Tax on Ordinary Activities
2022
£’000
2021
£’000
Analysis of charge in year
  
Factors affecting tax charge for year

 

  

   
Effects of:
  
  
  
  
  
Factors that may affect future tax charges

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

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


 
2022
Revenue
2022
Capital

Total
2021
Revenue
2021
Capital

Total
 11.31p  (164.88p)   



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



50 Annual Report 2022
8 Ordinary Dividends

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2021
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2021
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   8,451 
 
2022
£’000
2021
£’000

  
  
Listed
equities

 
 
 
Movements in year:
Purchases at cost 196,530
Sales – proceeds 
  
 
 
 
 
 


2022
£’000
2021
£’000

Gains on sales  
  
(174,357) 147,763




The Baillie Gifford Japan Trust PLC 51
 Debtors
2022
£’000
2021
£’000
  
 3 –
  
 


11 Creditors – amounts falling due within one year
2022
£’000
2021
£’000
 – 
  –
  
 


 Creditors – amounts falling due after more than one year
2022
£’000
2021
£’000
Bank loans 57,655 
Borrowing facilities
At 31 August 2022
Drawings
At 31 August 2021
Drawings





–

for
 
 



 

 
 



52 Annual Report 2022
13 
2022
Number
2022
£’000
2021
Number
2021
£’000
    
  22 – –
Total  4,717  4,717










14 
Share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Capital
reserve
£’000
Revenue
reserve
£’000

funds

   203   
 – – –  – 
Gains on investments – – –  – 
 – – –  – 
 – – –  – 

investment transactions – – –  – 
 – – –  – (1,863)
Revenue return on ordinary activities
  – – – –  
 – – – –  
 4,717   556,414  


15 


2022 2021
Shareholders' funds  

*  
Shareholders' funds per ordinary share  
*




The Baillie Gifford Japan Trust PLC 53
16 Analysis of Change in Net Debt
At 1 September
2021
£'000
Cash flows
£'000
Other
non-cash
charges
£'000
Exchange
movement
£'000
At 31 August
2022
£'000
   –  
Loans due in less than one year –    
Loans due in more than one year  –   
  – 14,443 
17 Contingent Liabilities, Guarantees and Financial Commitments


 


 



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
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 





  














54 Annual Report 2022
 (continued)
  


At 31 August 2022
Investments
£’000
Cash and cash
equivalents
£’000
Bank
loans
£’000
Other debtors
and creditors *
£’000
Net
exposure

     
 –  –  
    
*
At 31 August 2021
Investments
£’000
Cash and cash
equivalents
£’000
Bank
loans
£’000
Other debtors
and creditors *
£’000
Net
exposure

     
 –  –  
    
*
 




  









Financial Assets
2022
Fair value
£’000
2022
Weighted
average
interest rate
2022
Weighted
average period
until maturity *
2021
Fair value
£’000
2021
Weighted
average
interest rate
2021
Weighted
average period
until maturity *

Japanese yen   n/a   n/a
   n/a   n/a
 
* 




The Baillie Gifford Japan Trust PLC 55
 (continued)
  
Financial Liabilities

2022
Book value
£’000
2022
Weighted
average
interest rate
2022
Weighted
average period
until maturity
2021
Book value
£’000
2021
Weighted
average
interest rate
2021
Weighted
average period
until maturity

Yen denominated   17 months   
 
 


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 
2022
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2021
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 
 


 

 






56 Annual Report 2022
 (continued)
 
 


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 

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 
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2022
£’000
2021
£’000
  
  
 

Fair Value of Financial Assets and Financial Liabilities

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2022
Book
value
£’000
2022
Fair *
value
£’000
2021
Book
value
£’000
2021
Fair *
value
£’000
    144,535
*
 




Fair Value of Financial Instruments



Level 1
Level 2
and
Level 3





The Baillie Gifford Japan Trust PLC 57
Total Assets

Net Asset Value









31 August
2022
31 August
2021
   
Share price   
(Discount)/premium   


2022
NAV
2022
Share
Price
2021
NAV
2021
Share
Price
     

*     
     
     
Total return     
* 



2022
£’000
2021
£’000
  
  
Total expenses  5,544 6,118

*   
Ongoing charges   
* 
Glossary of Terms and Alternative Performance Measures (APM)


58 Annual Report 2022










 
Gearing
*
£’000
Potential
Gearing
†
£’000
Gearing *
£’000
Potential
Gearing
†
£’000
     
   –  –
Shareholders' funds     
   
#
 
#
* 
†

#



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 
Gross
method
£’000
Commitment
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£’000
Gross
method
£’000
Commitment
method
£’000
    
  –  –
    
     
Leverage     
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 
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





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




Ordinary Business


 


 

 

 
 
 
 
 



 





JOHN
LEWIS
A8 PRINCES STREET
GE
ORGE STREET
CALTON SQUARE
BUS
STATION
OMNI
CENTRE
BALMORAL
HOTEL
L
E
I
T
H
S
T
R
E
E
T
QUEEN STREET
W
A
T
E
R
L
O
O
P
L
A
C
E
C
A
L
T
O
N
H
I
L
L
CA
L
T
O
N
R
O
A
D
ST ANDREW SQUARE
EDINBURGH
WAVERLEY
STATION
LEITH
WALK
A7 NORTH BRIDGE
YORK PLACE
G
R
E
E
NS
IDE ROW
TRAM
STOP
ST ANDREW SQUARE
ST ANDREW SQUARE
TRAM
STOP



Lothian Buses local services include:



Access to Waverley Train Station on foot

60 Annual Report 2022


































did not apply to any such allotment or sale, provided that this

 







treasury shares in pursuance of any such offer or


 


value of the issued share capital of the Company, as at




unconditionally authorised, pursuant to and in accordance




(either for retention as treasury shares for future reissue,

 


ordinary share capital of the Company as at the date of the

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
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 









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 














62 Annual Report 2022



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





The Baillie Gifford Japan Trust PLC 63
Baillie Gifford Japan is an investment trust.

 
 
 
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
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at japantrustplc.co.uk, Trustnet at trustnet.co.uk and on other
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
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 
 
 
 
The ordinary shares of the Company are listed on the London


Key Dates
The Annual Report and Financial Statements are normally issued




Capital Gains Tax



Cost of each ordinary share 
 




 
Warrants 



Computershare Investor Services PLC maintains the share



This helpline also offers an automated self-service functionality

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


2022
Number of
shares held
2022
%
2021
Number of
shares held
2021
%
Institutions    
Intermediaries/
 
Platforms    
Individuals    
Marketmakers    
   
Further Shareholder Information


64 Annual Report 2022
Data Protection




japantrustplc.co.uk 

Baillie Gifford Japan Trust

found at japantrustplc.co.uk
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
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
result, the value of the shares and, any income from those shares,


As The Baillie Gifford Japan Trust PLC invests in overseas

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The Baillie Gifford Japan Trust PLC can make use of derivatives
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The Baillie Gifford Japan Trust PLC 65
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bailliegifford.com or on
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bailliegifford.com
UK Alternative Investment Fund Managers (AIFM) Regulations

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and
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Leverage
Gross method Commitment method
  
Actual  
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Gifford Japan Trust PLC must provide information annually to the
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
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
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
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
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66 Annual Report 2022
Sustainable Finance Disclosure Regulation (‘SFDR’)
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











The Baillie Gifford Japan Trust PLC 67
Trust
Trust




Trust

For a copy of Trust, please contact the Baillie Gifford Client

Baillie Gifford Japan on the Web

monthly commentary, recent portfolio information and

japantrustplc.co.uk











telephone, e-mail, or post:
Telephone:

E-mail:
Website:
Client Relations Team



Trust
bailliegifford.com/trust
japantrustplc.co.uk
Trust
Communicating with Shareholders


Directors

David Kidd


Joanna Pitman
Alternative Investment
Fund Managers,
Secretaries and




Edinburgh
EH1 3AN

bailliegifford.com
Registrar
Computershare Investor

The Pavilions

Bristol


Brokers
Investec Bank plc

London

Independent Auditor



Edinburgh

Depositary

(International) Limited

London
E14 5AL

the Company’s Independent



Chartered Accountants and

Atria One

Edinburgh
EH3 8EX
Company Details
japantrustplc.co.uk
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 
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