British & American

Investment Trust PLC

Report and accounts

31 December 2021

British & American Investment Trust PLC

As at 31 December 2021

Investment Policy

To invest predominantly in investment trusts and other leading UK and US-quoted companies to achieve a balance of income and growth.

Ten largest security holdings (excluding subsidiaries)

Name

Sector

%

Lineage Cell Therapeutics (USA)

Biotechnology

20.53

Dunedin Income Growth

Investment Trust

11.94

Geron Corporation (USA)

Biomedical

7.61

Aberdeen Diversified Inc&Growth

Investment Trust

4.70

ADVFN

Other Financial

0.69

AgeX (USA)

Biotechnology

0.64

Braemar Shipping Services

Transport

0.55

Relief Therapeutics (Switzerland)

Healthcare

0.55

NRX Pharmaceuticals (USA)

Healthcare

0.33

Electra Private Equity

Investment Trust

0.07

47.61

Country Exposure

Country

£m

%

UK

2.3

37.7

USA

3.8

62.3

Total investments (exc. subsidiaries)

6.1

100.0

Value (dividends reinvested) of £100 invested in ordinary shares (source: AIC)

£

1 year

80.9

3 year

78.2

5 year

48.7

SHARE PRICE (dividends reinvested) 5 YEAR SUMMARY

DECEMBER 2016=100

140.00

120.00

100.00

80.00

60.00

40.00

20.00

0.00

Dec-16

Dec-17

Dec-18

Dec-19

Dec-20

Dec-21

SHARE PRICE PER SHARE

FTSE ALL SHARE INDEX - TOTAL RETURN

Salient Facts

Launch Date

1996

Management

Self-managed

Year/Interim End

31 December/30 June

Capital Structure

25,000,000 Ordinary Shares

of £1 (listed);

10,000,000 Convertible

Preference Shares

of £1 (unlisted)

Number of Holdings

16

Net Assets (£m)

6.7

Yield

14.0%

Dividend Dates

Interim dividend - December

Final dividend - June

Share price (p)

25.0

NAV/share (p)

19 (diluted)

Premium

30.1% (diluted)

Ongoing charges

9.9%

Sedol Code

0065311

ISIN Code

GB000065311

Status

Eligible to be held in an ISA or Savings Scheme.

Contact

British & American Investment Trust PLC

Wessex House

1 Chesham Street

London SW1X 8ND

Tel: 020 7201 3100

Fax: 020 7201 3101

Website: www.baitgroup.co.uk

Registered in England. Registered number 00433137 VAT Reg. No. 241 1621 10

NET DIVIDENDS PER ORDINARY SHARE 10 YEARS RECORD AND PROPOSED 2021

7.000

6.000

5.000

4.000

3.000

2.000

1.000

0.000

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

INTERIM

FINAL

British & American Investment Trust PLC

Annual Report and Accounts

for the year ended 31 December 2021

Registered number: 00433137

Contents

Page

Directors and officials

1

Biographical details of directors and investment policy

2

Strategic report including:

Chairman's statement

3

Managing Director's report

6

Financial highlights

10

Net asset and dividend growth

11

Distribution of investments and cash

12

Investment portfolio

13

Five year record

14

Business review

15

Directors' report

20

Statement of directors' responsibilities

24

Independent auditor's report

25

Income statement

33

Statement of changes in equity

34

Balance sheet

35

Cash flow statement

36

Notes to the financial statements

37

Statement of Corporate Governance

58

Directors' remuneration report

65

Notice of meeting

70

BRITISH & AMERICAN INVESTMENT TRUST PLC

Directors and officials

Directors

David G Seligman (Chairman)

Jonathan C Woolf (Managing Director)

Dominic G Dreyfus (Non-executive and Chairman of the Audit Committee until 7 February 2022) Alex Tamlyn (Non-executive and acting Chairman of the Audit Committee)

Julia Le Blan (Non-executive from 1 June 2022)

Secretariat and registered office

KJ Williams ACA (Secretary)

M Silverov (Deputy Secretary)

Wessex House

1 Chesham Street

London SW1X 8ND

Registrars

Neville Registrars Limited

Neville House

Steelpark Road

Halesowen

B62 8HD

Bankers

Metro Bank PLC

One Southampton Row

London

WC1B 5HA

Credit Suisse AG

Client Management UHNWI UK

WEHW

Talacker 16

8001 Zurich

Switzerland

Auditors

Hazlewoods LLP

Staverton Court

Staverton

Cheltenham

GL51 0UX

BRITISH & AMERICAN INVESTMENT TRUST PLC 1

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British and American Investment Trust plc published this content on 27 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 May 2022 16:52:31 UTC.