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UK GROWTH UNIT TRUST

FOR THE YEAR ENDING 30 SEPTEMBER 2015

I. S. Gascoigne D. J. Lamb

PricewaterhouseCoopers LLPAtria One144 Morrison StreetEdinburgh, EH3 8EXUnited Kingdom

Freephone: 0800 027 1031

PO Box 9034, Chelmsford, CM99 2XA

St. James's Place UK Growth Unit Trust

ManagerSt. James's Place Unit Trust Group Limited

United Kingdom

(Authorised and regulated by the Financial Conduct Authority)

Investment AdviserMajedie Asset Management Limited

Directors of the ManagerD. C. BellamyA. M. Croft

10 Old BaileyLondon, EC4M 7NG

160 Queen Victoria Street

TrusteeBNY Mellon Trust & Depositary (UK) Limited

United Kingdom



Independent Auditors

Prospectus and Manager's Reports

Copies of the up to date Prospectus (Scheme Particulars) and latest Manager's Report andFinancial Statements for the range of St. James's Place Unit Trusts can be requested from amember of the St. James's Place Partnership or, at any time during normal business hours, fromthe Administration Centre at PO Box 9034, Chelmsford CM99 2XA.Freephone: 0800 027 1031

United Kingdom

London, EC4V 4LAUnited Kingdom

RegistrarInternational Financial Data Services (UK) Limited

St. Nicholas LaneBasildon, SS15 5FS

IFDS House


1

08/01/07 to 30/09/15

30/09/10 to 30/09/15

30/09/14 to 30/09/15

% change % change % change

+18.9 +25.4 -4.4+39.3 +32.2 -2.9

+33.2 +38.2 -2.3


Report of the Manager

During the year under review, 1 October 2014 to 30 September 2015, the St. James's Place UKGrowth Unit Trust Income unit offer price fell by 4.4% from 135.2p to 129.2p and theAccumulation unit offer price (in which revenue is reflected in the price rather than distributed)fell by 2.9% from 143.5p to 139.3p.

The Trust's PerformanceThe performance of the Trust since its launch in January 2007, over the five year period sinceSeptember 2010 and over the year under review is shown below, together with figures for themost commonly quoted indices in comparable markets where the major proportion of the Trusthas been invested.

The Manager's Report consists of Report of the Manager, The Trust's Performance, InvestmentAdviser's Comments, Risk and Reward Profile and Portfolio Statement.

* Income Units were made available on the 1 October 2007.

Investment Adviser's Comments

The portfolio marginally outperformed a falling UK market during the year to 30 September. Theperiod was dominated by a low oil price and, more latterly, by concerns over the sustainability ofChinese economic growth. The result was a rout in commodity markets; mining and energy stocksboth suffered.

** FTSE All-Share return is from 1 October 2007 to 30 September 2015.

Indices - actualFTSE All-Share (Total Return)**

Having viewed China with a good dose of scepticism in recent years, avoiding stocks reliant tooupon domestic demand (such as miners, energy companies and consumer staples), we began tofeel that the combination of Chinese government stimulus packages, historic lows in selectcommodities, and mining company share prices, presented attractive risk-reward payoffs.

We therefore started buying some mining and energy shares in May and June. In retrospect thiswas too early, and proved costly in terms of portfolio performance – notably the holdings in AngloAmerican, Lonmin, BP and Tullow Oil. However, underperformance during the third quartermostly resulted from not holding consumer staples, to which investors flocked (despite valuations)as perceived ‘safe havens’ from volatility. Lead detractors were our ‘not helds’ of BAT, ImperialTobacco, Reckitt Benckiser and SABMiller.

The key performance driver during the year was Marks and Spencer, which saw its shares re-ratedas the market recognised the significant improvements made to the supply chain and onlineoffering. We have subsequently been reducing our position, in line with other UK consumerstocks.

Source: Lipper for Fund returnsSource: FTSE International Limited (“FTSE”) © FTSE 2015. “FTSE®” is a trade mark of theLondon Stock Exchange Group companies and is used by FTSE International Limited underlicence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors.Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indicesand / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted withoutFTSE’s express written consent.

REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN ASWELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTUREPERFORMANCE.

St. James's Place UK Growth Unit TrustIncome units (offer to offer)*Accumulation units (offer to offer)

2

(continued)


Report of the Manager

Our exposure to ‘small cap’ companies, an integral part of the portfolio, also performed well.Thanks to their strong domestic focus, smaller companies have benefited in recent months. Insome cases this is due to the housing outlook (e.g. Mortgage Advice Bureau) while others haveprofited from the post-election ‘business bounce’ (e.g. Staffline). Elsewhere in the fund, stockpicking drove returns; Card Factory, Mondi, Rentokil and Ryanair remained unaffected by marketturmoil while Amlin benefited from a bid by Japanese bank Mitsui Sumitomi. Meanwhile, our long-standing negativity on Glencore, partly the result of the high cost of its mines, was shown to bewell-founded.

We increasingly feel that the UK economy is operating in a late cycle environment: a tight labourmarket, evidence of wage inflation and unexciting growth lead us to avoid areas of the marketreliant upon deflationary conditions.

Majedie Asset Management Limited 16 October 2015

3

per £1,000Invested

Offer Bid at 04/01/10p p p £

111.4 80.93 0.512 5.37114.8 83.69 0.604 6.33111.2 90.01 1.372 14.38137.1 106.90 1.426 14.95141.3 116.00 1.956 20.51148.7 121.00 1.862 19.52

per £1,000Invested

Offer Bid at 04/01/10p p p £

114.5 82.80 0.524 5.37118.1 86.64 0.621 6.36116.8 93.19 1.421 14.56145.6 112.20 1.497 15.34150.0 125.10 2.077 21.28160.3 130.40 2.008 20.58

Market NAV NAVof Class per Unit

£'000 p1,995,332 2,453 122.94 2,457,319 3,102 126.23 2,345,834 2,838 120.97

Market NAV NAVof Class per Unit

£'000 p183,688,611 240,286 130.81 216,211,346 294,215 136.08 207,155,225 274,277 132.40

2010

Highest Lowest

Calendar yearper unit

Highest Lowestper unit

Calendar year

Net revenue distributed

Unit Price History and Record of Net Distributions Paid/Payable

Income

2010

The risk category is recalculated weekly and during the year under review, the risk category didnot change.

* To 30 September 2015

Risk and Reward Profile

Ongoing Charges Figure

The Ongoing Charges Figure ('OCF') is the total expenses paid by the Trust in the year against itsaverage net asset value. It excludes the cost of buying or selling assets for the Trust (unless theseassets are shares of another trust). The OCF can fluctuate as underlying costs change.

The synthetic risk and reward indicator for the St. James’s Place UK Growth Unit Trust, asdisclosed in its most recent Key Investor Information Document (KIID), is a 6. It was calculatedusing performance data up to 2 February 2015.

The Ongoing Charges Figure for the year ended 30 September 2015 was 2.11% (30 September2014: 2.12%) for Income Units and 2.11% (30 September 2014: 2.12%) for Accumulation Units.

Performance Record


20112012201320142015*

Accumulation

The record of net distributions paid/payable per unit is shown below:

Net revenue distributed

20112012201320142015*

Year ended

Net Asset Values

Accumulation

Income

Units in Issue

Units in Issue

201520142013SeptemberYear ended

September

201520142013

4

Security Holdings

MarketValue£000

% ofNet

Assets

Aerospace & Defence (4.86%) 4,116 1.49BAE Systems 917,385 4,116 1.49Automobiles & Parts (0.27%) - -

Banks (8.62%) 49,004 17.68Barclays 4,975,893 12,213 4.41HSBC 3,893,218 19,328 6.97Lloyds Banking 8,482,470 6,384 2.30Royal Bank of Scotland 3,018,932 9,513 3.43Standard Chartered 245,359 1,566 0.57

Construction & Materials (0.18%) 1,008 0.36Marshalls 281,545 1,008 0.36

Electricity (0.76%) 227 0.08SSE 15,290 227 0.08

Financial Services (1.71%) 1,796 0.653i 387,243 1,796 0.65

Fixed Line Telecommunications (3.81%) 9,938 3.59BT 2,359,982 9,938 3.59

Food & Drug Retailers (3.43%) 17,523 6.32J Sainsbury 857,184 2,229 0.80Tesco 5,314,779 9,668 3.49WM Morrison Supermarkets 3,346,852 5,626 2.03

Forestry & Paper (1.23%) 4,413 1.59Mondi 321,882 4,413 1.59

Gas, Water & Multiutilities (4.52%) 5,039 1.82Centrica 940,355 2,135 0.77National Grid 318,700 2,904 1.05

General Industrials (0.24%) - -

General Retailers (4.72%) 15,969 5.76Card Factory 504,272 1,970 0.71Dunelm 118,641 1,055 0.38Halfords 66,499 308 0.11Home Retail 185,589 252 0.09Kingfisher 766,484 2,737 0.99Marks & Spencer 1,318,286 6,591 2.38Saga 1,483,318 3,056 1.10

Health Care Equipment & Services (1.33%) 2,573 0.93Smith & Nephew 224,150 2,573 0.93

Life Insurance (4.08%) 4,614 1.67Aviva 534,677 2,405 0.87Standard Life 571,829 2,209 0.80

Media (1.87%) 4,801 1.73Pearson 271,288 3,017 1.09Sky 172,041 1,784 0.64

Mining (0.27%) 15,944 5.76Anglo American 587,020 3,210 1.16BHP Billiton 548,076 5,446 1.97KAZ Minerals 363,153 290 0.10Lonmin 1,479,320 240 0.09Rio Tinto 306,572 6,758 2.44

Mobile Telecommunications (5.60%) 15,417 5.56Vodafone 7,419,065 15,417 5.56


Portfolio Statement

as at 30 September 2015

5

Security Holdings

MarketValue£000

% ofNet

Assets


Portfolio Statement (continued)


Non Equity Investment Instruments (8.58%) 25,553 9.22Majedie UK Smaller Companies Fund B Acc 9,051,467 25,553 9.22

Nonlife Insurance (2.41%) 4,048 1.46Amlin 497,015 3,263 1.18Jardine Lloyd Thompson 76,619 785 0.28

Oil & Gas Producers (13.58%) 31,290 11.29BP 4,600,739 15,268 5.51Royal Dutch Shell 'B' Shares 978,421 15,210 5.49Tullow Oil 472,943 812 0.29

Personal Goods (0.34%*) 405 0.15Unilever 15,045 405 0.15

Pharmaceuticals & Biotechnology (11.56%) 17,000 6.13AstraZeneca 146,119 6,133 2.21GlaxoSmithKline 860,407 10,867 3.92

Software & Computer Services (0.30%) 2,441 0.88FDM 246,781 1,188 0.43Sage 250,629 1,253 0.45

Support Services (4.19%) 21,681 7.83De La Rue 215,877 1,046 0.38Electrocomponents 1,266,638 2,238 0.81Mears 402,484 1,561 0.56Rentokil Initial 6,015,702 8,831 3.19Serco 2,849,670 2,892 1.04Travis Perkins 259,530 5,113 1.85

Technology Hardware & Equipment (0.80%) 1,454 0.52ARM 155,391 1,454 0.52

Travel & Leisure (6.08%) 14,266 5.15Bwin.Party Digital Entertainment 1,352,373 1,494 0.54Carnival 23,235 796 0.29Firstgroup 3,756,061 3,696 1.33International Consolidated Airlines 363,051 2,124 0.77Ryanair 448,559 4,356 1.57Thomas Cook 1,560,851 1,800 0.65

Investment assets 270,520 97.62

Total other assets (net) 6,595 2.38

Net assets 277,115 100.00

*Since the previous report the Industry Sector Classification headings have been updated by dataproviders, where the portfolio statement shows Industry Sectors these new sector names havebeen reflected in the report in respect of the current holdings and we have restated comparativeholdings where appropriate.

Comparative figures shown in brackets relate to 30 September 2014.

All investments held are listed, unless otherwise stated.

6

Material Portfolio Changes

PurchasesCost

£000HSBC 16,381Royal Dutch Shell 'B' Shares 9,971Rio Tinto 8,787Barclays 8,405Lloyds Banking 8,117BHP Billiton 7,592Tesco 5,562Royal Bank of Scotland 5,175BP 4,696Anglo American 4,620

SalesProceeds

£000BAE Systems 10,780AstraZeneca 9,890Royal Dutch Shell 'B' Shares 9,520GlaxoSmithKline 8,297Marks & Spencer 8,005Carnival 7,785Centrica 6,464Aviva 5,691BT 4,914Vodafone 4,487


7

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The Manager is responsible for keeping proper accounting records and for the management ofthe Trust in accordance with its Trust Deed, Prospectus and the Rules. The Manager has ageneral responsibility for taking such steps as are reasonably open to it to prevent and detectfraud and other irregularities.

St. James's Place UK Growth Unit TrustStatement of the Manager's Responsibilities in relation to the Financial Statements of the Trust

The rules in the Financial Conduct Authority's Collective Investment Schemes Sourcebook ("theRules") require the Manager to prepare Financial Statements for each annual accounting periodwhich give a true and fair view of the financial position of the Trust as at the end of the year andof the net revenue and the net capital losses on the property of the Trust for the year then ended.

In preparing the Financial Statements the Manager is required to:

select suitable accounting policies and then apply them consistently;

make judgements and estimates that are reasonable and prudent;

comply with the requirements of the Statement of Recommended Practice relating toAuthorised Funds and the Trust Deed;

follow applicable UK Accounting Standards (UK Generally Accepted Accounting Practice);and

prepare Financial Statements on the going concern basis unless it is inappropriate topresume that the Trust will continue in operation.

D. J. Lamb 26 November 2015

Directors' Certificate

This report is certified in accordance with the requirements of the rules in the Financial ConductAuthority's Collective Investment Schemes Sourcebook.

Directors A. M. Croft London

8

London

26 November 2015

Report of the TrusteeIn our opinion, the Manager has managed the Trust, in all material aspects, during the periodcovered by this Report in accordance with the investment and borrowing powers and therestrictions applicable to the Trust and otherwise in accordance with the provisions of the TrustDeed and the rules in the Financial Conduct Authority's Collective Investment Scheme provisionsof the Sourcebook.

For and on behalf of:BNY Mellon Trust & Depositary (UK) Limited


Statement of Trustee's Responsibilities

The Trustee is under a duty to take into custody and to hold the property of the Trust in trust forthe holders of units. It is also the duty of the Trustee to enquire into the conduct of the Managerin the management of the Trust and to ensure that the Trust is managed in accordance with allapplicable rules and restrictions in each annual accounting period, and to report thereon tounitholders.

9

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Independent Auditors' Report to the Unitholders of


Our opinion

In our opinion the financial statements, defined below:give a true and fair view of the financial position of the Trust as at 30 September 2015 andof the net revenue and the net capital losses of the scheme property of the Trust for the yearthen ended; and

have been properly prepared in accordance with United Kingdom Generally AcceptedAccounting Practice, the Statement of Recommended Practice for Authorised Funds, theCollective Investment Schemes sourcebook and the Trust Deed.

This opinion is to be read in the context of what we say in the remainder of this report.

What we have audited

The financial statements of St. James’s Place UK Growth Unit Trust (the “Trust”), which areprepared by St. James’s Place Unit Trust Group Limited (the “Authorised Fund Manager”),comprise:

the balance sheet of the Trust as at 30 September 2015;

the statement of total return of the Trust for the year then ended;

the statement of change in net assets attributable to unitholders of the Trust for the yearthen ended;

the notes to the Trust’s financial statements, which include a summary of significantaccounting policies and other explanatory information; and

the distribution tables.

The financial reporting framework that has been applied in their preparation is applicable lawand United Kingdom Accounting Standards (United Kingdom Generally Accepted AccountingPractice), the Statement of Recommended Practice ‘Financial Statements of Authorised Funds’issued by the Investment Management Association (the “Statement of Recommended Practice forAuthorised Funds”), the Collective Investment Schemes sourcebook and the Trust Deed.

In applying the financial reporting framework, the Authorised Fund Manager has made a numberof subjective judgements, for example in respect of significant accounting estimates. In makingsuch estimates, they have made assumptions and considered future events.

What an audit of financial statements involvesWe conducted our audit in accordance with International Standards on Auditing (UK and Ireland)(“ISAs (UK & Ireland)”). An audit involves obtaining evidence about the amounts and disclosuresin the financial statements sufficient to give reasonable assurance that the financial statementsare free from material misstatement, whether caused by fraud or error. This includes anassessment of:

whether the accounting policies are appropriate to the Trust’s circumstances and have beenconsistently applied and adequately disclosed;

the reasonableness of significant accounting estimates made by the Authorised FundManager; and

the overall presentation of the financial statements.

In addition, we read all the financial and non-financial information in the Annual Report (the “Annual Report”) to identify material inconsistencies with the audited financial statements andto identify any information that is apparently materially incorrect based on, or materiallyinconsistent with, the knowledge acquired by us in the course of performing the audit. If webecome aware of any apparent material misstatements or inconsistencies we consider theimplications for our report.

10

(continued)

Independent Auditors' Report to the Unitholders of


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Responsibilities for the financial statements and the audit

Our responsibilities and those of the Authorised Fund Manager

Opinions on matters prescribed by the Collective Investment Schemes sourcebookIn our opinion:

we have obtained all the information and explanations we consider necessary for thepurposes of the audit; and

the information given in the Authorised Fund Manager’s Report for the financial year forwhich the financial statements are prepared is consistent with the financial statements.

Other matters on which we are required to report by exception

Propriety of accounting records and information and explanations received

Under the Collective Investment Schemes sourcebook we are required to report to you if, in ouropinion:

proper accounting records have not been kept; or

the financial statements are not in agreement with the accounting records and returns.

We have no exceptions to report arising from this responsibility.

As explained more fully in the Authorised Fund Manager’s Responsibilities Statement set out onpage 8, the Authorised Fund Manager is responsible for the preparation of the financialstatements and for being satisfied that they give a true and fair view.

Our responsibility is to audit and express an opinion on the financial statements in accordancewith applicable law and ISAs (UK & Ireland). Those standards require us to comply with theAuditing Practices Board’s Ethical Standards for Auditors.

This report, including the opinions, has been prepared for and only for the Trust’s unitholders as abody in accordance with paragraph 4.5.12 of the Collective Investment Schemes sourcebook andfor no other purpose.

We do not, in giving these opinions, accept or assume responsibility for any other purpose or toany other person to whom this report is shown or into whose hands it may come save whereexpressly agreed by our prior consent in writing.

Chartered Accountants & Statutory AuditorsEdinburgh26 November 2015The maintenance and integrity of the St. James’s Place website is the responsibility of the Fund Manager; the work carried out by theauditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes thatmay have occurred to the financial statements since they were initially presented on the website.Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation inother jurisdictions.

PricewaterhouseCoopers LLP

11

Notes £000 £000 £000 £000

2 (11,210) 4,7673 10,592 10,3534 (6,366) (5,956)6 - -

4,226 4,3975 - 1

4,226 4,398

(6,984) 9,1656 (4,227) (4,398)

(11,211) 4,767

£000 £000 £000 £000297,317 242,739

62,431 60,470

(75,697) (15,091)

(13,266) 45,379116 -

- (58)

(11,211) 4,7674,159 4,490

277,115 297,317

Bid Offerp p

122.8 129.2132.4 139.3Accumulation units

Net capital (losses)/gains

Statement of Total Return


Income

for the year ended 30 September 2015

01/10/14 to 30/09/15 01/10/13 to 30/09/14


Revenue

Finance costs: Distribution

Expenses

Net revenue before taxation

Total return before distribution

Finance costs: Interest

Taxation

Net revenue after taxation

Change in net assets attributable to unitholders from investment activities

Statement of Change in Net Assets Attributable to Unitholders

01/10/14 to 30/09/15 01/10/13 to 30/09/14

Amounts receivable oncreation of units

Retained distribution on accumulation units

Dilution levy charged

Opening net assets attributable to unitholdersMovement due to creation and cancellation of units:

Stamp duty reserve tax

Income units

Amounts payable on cancellation of units

The prices per unit as at 30 September 2015 (unaudited) were:

Closing net assets attributable to unitholders

Change in net assets attributable to unitholders from investment activities (see above)

12


30/09/15 30/09/14

Notes £000 £000 £000 £000

270,520 283,4688 666 711

7,100 14,336

7,766 15,047

278,286 298,515

Creditors 9 (1,127) (1,150)

(44) (48)

(1,171) (1,198)

277,115 297,317

Balance Sheet

Investment assetsAssets

DebtorsCash and bank balances

Net assets attributable to unitholders


Total liabilities

Total assets

Liabilities

Distribution payable onincome units

Total other assets

13

1.

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

All expenses of the Trust are recognised on an accruals basis and are deducted from revenuewith the exception of handling charges which are deducted from capital.


Notes to the Financial Statements


Special dividends

Special dividends are treated as revenue or a repayment of capital reflecting the facts ofeach particular case.

Listed investments have been valued at bid market value at 12.00 midday on 30 September2015 (30/09/14: bid market value at 12.00 midday), net of any accrued interest which isincluded in the Balance Sheet as a revenue related item.

Transactions involving foreign currencies are converted at the rate ruling on the date of thetransaction.

Deferred tax is provided for on the liability method on all timing differences. A deferred taxasset is only recognised to the extent that a timing difference will be of future benefit.

Distribution policy

Valuation of investments

Provision is made for corporation tax at the current rate on the excess of taxable revenueover allowable expenses.

The Financial Statements have been prepared under the historical cost basis, as modified bythe revaluation of investments, in compliance with the Financial Conduct Authority'sCollective Investment Schemes Sourcebook. They have been prepared in accordance withapplicable UK accounting standards and in accordance with the Statement of RecommendedPractice (SORP) for Financial Statements of Authorised Funds issued by IMA in October 2010(IMA SORP 2010).

Accounting and Distribution policies

Basis of accounting

Dividends receivable from equity investments are credited to the revenue account when theinvestments are first quoted ex-dividend. Interest on deposits is accounted for on an accrualsbasis. Revenue from other authorised collective investment schemes is recognised when theinvestments are quoted ex-dividend. Management fee rebates from underlying funds will betaken to revenue or capital depending on the treatment adopted in the underlying funds.Management fee rebates received from St. James's Place Money Market Unit Trust arerecognised as revenue on an accruals basis and form part of the distribution.

Revenue

Taxation

Foreign exchange

The manager has chosen to pay all revenue less revenue expenses and taxation as a finaldistribution at the end of the accounting period. In the case of income unitholders this willbe paid as a distribution. In the case of accumulation unitholders the distribution will bereinvested. Equalisation on distributions received is deducted from the cost of theinvestment.

Equalisation

Assets and liabilities have been translated into sterling at the exchange rates prevailing atthe Balance Sheet date.

UK dividend revenue is disclosed net of any related tax credit. Overseas dividends continueto be disclosed gross of any foreign tax suffered, the tax element being separately disclosedin the tax note.

Equalisation applies only to units purchased during the distribution period. It is the accruedrevenue element of the purchase price of all such units and is refunded to holders of theseunits as a return of capital. Being capital it is not liable to income tax, but must be deductedfrom the cost of units for capital gains tax purposes.

Expenses

14


(continued)Notes to the Financial Statements

2.01/10/14 to

30/09/1501/10/13 to

30/09/14£000 £000

(11,195) 4,788(2) (8)

(13) (13)

(11,210) 4,767

3.01/10/14 to

30/09/1501/10/13 to

30/09/14£000 £000

9,845 9,774Overseas dividends 232 104Distributions from Regulated Collective Investment Schemes Franked investment revenue 495 431 Unfranked investment revenue - (5)Revenue from UK REITs - 7Bank interest 20 42

10,592 10,353

4.01/10/14 to

30/09/1501/10/13 to

30/09/14£000 £000

6,059 5,636

31 29

Audit fee 9 8Investment administration fee 20 19

241 2573 33 4

276 291

6,366 5,956

Non-derivative securities


Trustee's fee

UK dividends

Payable to the Manager

Revenue

Other expenses

Tax & compliance fee

Handling chargesCurrency losses

Management charge

Expenses

Total revenue

Registrar's feeSafe custody fee


Total expenses

Payable to the Trustee

Expenses include irrecoverable VAT where applicable.

15



5.01/10/14 to

30/09/1501/10/13 to

30/09/14£000 £000

(a)- (1)

(b)

4,226 4,397

845 879

(2,068) (2,041)(46) (21)

1,269 1,182

- (1)

(c)

(d)

6.

Distribution and interest

01/10/14 to 30/09/15

01/10/13 to 30/09/14

£000 £000Final distribution 4,203 4,538

557 186(533) (326)

4,227 4,398- -

4,227 4,398

7.01/10/14 to

30/09/1501/10/13 to

30/09/14£000 £000

4,226 4,3981 1- (1)

4,227 4,398

Factors that may affect future tax charges

There is no provision required for deferred taxation at the balance sheet date.

Current tax charge for year (note 5a)

At the year end, after offset against revenue taxable on receipt, there is a potential deferredtax asset of £5,394,223 (30/09/14: £4,124,999) relating to surplus management expenses.No deferred tax asset was recognised in the current or prior year as it was consideredunlikely the Trust would generate sufficient taxable profits in the future to utilise theseamounts.

Authorised Unit Trusts are exempt from tax on capital gains, therefore any capital return isnot included in the above reconciliation.

Deferred taxation:

Net revenue before taxation

Effects of:UK dividends not subject to corporation tax

Factors affecting current tax charge for the year:The tax assessed for the year is lower than the standard rate of corporation tax in the UK foran authorised unit trust of 20% (2014: 20%). The differences are explained below:

Movement in excess management expensesNon taxable foreign dividends

Corporation Tax at 20% (2014: 20%)

Movement between net revenue and net distribution

Net revenue after taxation

Total finance costs

Add: brought forward from previous yearLess: carried forward to next year

Finance costs

The distribution takes account of revenue received on the creation of units and revenuededucted on the cancellation of units and comprises:

Deduct: Revenue received on creation of unitsAdd: Revenue deducted on cancellation of units

Analysis of charge in year:

Interest

Net distribution for the year

Net distribution for the year

Taxation

Income tax

16



8.30/09/15 30/09/14

£000 £000114 -

- 40550 670

1 -1 1

666 711

9.30/09/15 30/09/14

£000 £000956 896140 215

31 39

1,127 1,150

10.

11.

12.

●

●

Total creditors

Amounts payable for cancellation of unitsAccrued expenses

Related party transactions

Creditors

St. James's Place Unit Trust Group Limited and BNY Mellon Trust & Depositary (UK) Limitedtogether with their associates are related parties and regarded as controlling parties byvirtue of having the ability to act in respect of operations of the Trust.

The Manager's service charge paid to St. James's Place Unit Trust Group Limited is shown innote 4 and details of the value of units created and cancelled by St. James's Place Unit TrustGroup Limited are shown in the Statement of Change in Net Assets Attributable toUnitholders. The net balances due to St. James's Place Unit Trust Group Limited at the yearend in respect of these transactions was £139,914 (30/09/14: £176,295).

The rules in the Scheme Documents set out the financial instruments in which the Trust mayinvest. The Trust's use of financial instruments during the year satisfies these requirements.

Cash (including overdrafts) and short-term debtors and creditors that arise directly from itsoperations

Financial instruments

The Manager, St. James's Place Unit Trust Group Limited, is a subsidiary of St. James's PlaceWealth Management Group plc ('SJPWMG'). Two fellow subsidiaries of SJPWMG,St. James's Place International plc and St. James's Place UK plc, invest some of their life andpension policyholders' funds into the St. James's Place UK Growth Unit Trust. The value ofthese investments at the year end was £160,756,010 (30/09/14: £173,485,068).

Trustee's fees and interest payable to BNY Mellon Trust & Depositary (UK) Limited and theirassociates are shown in notes 4 and 6 respectively. The net balances due from BNY MellonTrust & Depositary (UK) Limited and their associates at the year end in respect of thesetransactions was £nil (30/09/14: £nil).

Purchases awaiting settlement

Capital commitments and contingent liabilities

On 30 September 2015, the Trust had no capital commitments (30/09/14: £nil) and nocontingent liabilities (30/09/14: £nil).

Equity shares, units in collective investment schemes and;

Dilution levy receivableAccrued revenue

Income tax recoverable

Sales awaiting settlementAmounts receivable for creation of units

Debtors

In accordance with the investment objectives, as stated on page 21, the Trust held certainfinancial instruments. These comprise:

Total debtors

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13.

●

●

●

(a)

(b)

●

●

●

(c) Interest rate risk

The Manager has delegated the investment management of the portfolio to an externalInvestment Adviser who determines the asset allocation and minimises the risk associatedwith particular countries or industry sectors, whilst continuing to follow the Trust’sinvestment objectives. The Manager has the responsibility for monitoring the portfolio toensure compliance with the investment objectives and that an acceptable risk and rewardprofile is maintained.

Interest receivable on bank deposits or payable on bank overdraft positions will be affectedby fluctuations in interest rates.

Market price risk represents the potential loss the Trust might suffer through holding marketpositions in the face of price movements.

Market price risk

No currency risk table has been provided as the overall exposure to foreign currencies is lessthan 10% of the net assets of the Trust.

Ongoing review of the investment performance of the Trust against appropriate benchmarks.

The revenue and capital value of the Trust’s investments can be affected by currencytranslation movements as a proportion of the Trust’s assets and revenue are denominated incurrencies other than sterling, which is the Trust’s functional currency.

Risk management

Movements in exchange rates affect revenue received.

Movements in exchange rates affect the value of investments;

The Manager has identified three principal areas where foreign currency risk could impactthe Trust:

Movements in exchange rates affect short term timing differences; and

Foreign currency risk

The Manager’s objectives in managing investment risk are to ensure that the investmentprofile of the Trust is consistent with its stated investment objectives and risk profile, and toensure appropriate liquidity. Day to day responsibility for managing investment risk isdelegated to the Investment Adviser, who is required to manage the Trust in accordancewith FCA regulations, the Prospectus and the terms of their Investment ManagementAgreement with the Manager. The Manager monitors the activities of the InvestmentAdviser, through a variety of mechanisms including the following:

The main risks arising from the Trust's financial instruments are market price risk, credit riskand liquidity risk. The Manager's policies for managing these risks are summarised below.These policies have remained unchanged since the beginning of the year to which thesefinancial statements relate (same for 2014).

Initial and ongoing due diligence of Investment Adviser investment and risk managementprocedures – including on site reviews;

Periodic reviews of the investments held by the Trust and their compliance with investmentobjectives and liquidity requirements; and

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(d)

(e)

(f)

(g)

(h)

14.

01/10/14 to 30/09/15

01/10/13 to 30/09/14

01/10/14 to 30/09/15

01/10/13 to 30/09/14

£000 £000 £000 £000140,317 157,056 142,614 103,422

112 122 (114) (98)690 727 (1) (1)

802 849 (115) (99)

141,119 157,905 142,499 103,323Total trades in the year after transaction costs

Purchases Sales

Non-derivative securities

Liquidity risk

All financial liabilities of the Trust at the year end are due to settle in one year or less, or ondemand.

Portfolio transaction costs

Analysis of total trade costs.

Fair value of financial assets and liabilities

There is no material difference between the value of the financial assets and liabilities, asshown in the Balance Sheet, and their fair values.

Liquidity risk arises where liabilities cannot be met when they fall due or can only be met atan uneconomic price. For instance, this could arise if the Trust faces significant redemptionsin a short period of time. In order to manage this risk the manager monitors the Trust withthe aim of ensuring that it contains diversified liquid assets, that the Trust possessessufficient liquidity for the purpose of meeting the redemption of units, and that the Trust hassources of borrowing available to it.

The Manager may use derivative instruments to hedge the value of the investment portfolioagainst market, currency and stock specific risk through investment in warrants, options,forwards and futures. The purpose of the financial instruments is efficient portfoliomanagement. In particular futures may be used to implement the investment policy in atimely manner and to manage market risk arising from the time lag between funds beingreceivable or payable by the Trust and investment and disinvestment in underlying securities.As the trust is not considered a sophisticated fund, the manager uses the commitmentapproach to measure the global exposure to derivatives.

The external Investment Adviser selects acceptable counterparties through whichinvestments are bought and sold. The Manager has responsibility for monitoring the processby which these counterparties are selected to minimise risk.

The Trust’s investments and cash are held on its behalf by State Street Bank and TrustCompany (acting as agent), the custodian to the Trust, and its appointed sub custodians.Bankruptcy or insolvency of the custodian or its sub custodians may cause the Trust’s rightswith respect to securities to be delayed. This risk is managed through ongoing monitoringof the custodian and periodic reviews of its procedures for selecting and monitoring subcustodians, together with ad hoc reviews of custodian and sub custodian credit ratings.

Certain transactions in securities that the Trust enters into expose it to the risk that thecounterparty will not deliver the investment (purchase) or cash (sale) after the fund hasfulfilled its responsibilities.

Maturity profile of financial liabilities

Derivative risk

Total costs

CommissionsTaxes

Credit riskCredit risk occurs where there is a risk associated with the uncertainty of a counterparty’sability to meet its obligations. This risk is managed by reviewing the counterparty’s creditrating, at the time of purchase and on an ongoing basis, and ensuring that the portfolio issufficiently diversified. The impact of movements in credit rating and spread, and their effecton market prices, is considered to be part of market price risk, which is discussed above.

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Group 1

Group 2

Netrevenue Equalisation

Distribution payable

30/11/15

Distribution paid

30/11/14

Group 1 (p) (p) (p) (p)Final 1.862 - 1.862 1.956

Group 2 (p) (p) (p) (p)Final 1.175 0.687 1.862 1.956

Netrevenue Equalisation

Distribution payable

30/11/15

Distribution paid

30/11/14

Group 1 (p) (p) (p) (p)Final 2.008 - 2.008 2.077

Group 2 (p) (p) (p) (p)Final 0.937 1.071 2.008 2.077


Distribution Tables

Distribution in pence per unit

Final Units purchased prior to 1 October 2014

Accumulation

Final Units purchased on or after 1 October 2014 to 30 September 2015

Income

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St. James's Place UK Growth Unit Trust is an authorised Unit Trust scheme under section 243 ofthe Financial Services and Markets Act (2000) and is constituted by a Trust Deed dated 8 January2007.


General Information

The Trust

The Unit Trust is subject to the rules of the Financial Conduct Authority's Collective InvestmentScheme Sourcebook and is classified as a UCITS Scheme.

The Trust Manager

The Manager of the Trust is St. James's Place Unit Trust Group Limited which is regulated by theFinancial Conduct Authority.

Investment ObjectivesThe investment objective of the Scheme is to provide capital appreciation through investment ina concentrated portfolio of quoted UK securities. The Scheme will be invested, at the Manager'sdiscretion, primarily in UK equities and may also be invested in cash and near cash. The Schemeis also permitted to invest in other transferable securities, money market instruments, units incollective investment schemes and deposits.

The Scheme is permitted to invest in derivative and forward transactions for the purposes ofefficient portfolio management (including hedging).

It is the Manager's intention that the assets of the Unit Trust will be invested so that the UnitTrust will be eligible for inclusion in an ISA.

European Savings Directive

It is the Manager's intention that the Trust will not normally hold 15% or more of its value inmoney debt instruments.

Unit Dealings

Dealings on the Trust take place on a daily basis. Purchase or sale instructions can be made bytelephone or in writing to St. James's Place Unit Trust Group Limited, PO Box 9034, Chelmsford,CM99 2XA, United Kingdom, freephone: 0800 027 1031.

The Manager adopts a policy of forward pricing, i.e. the order will be transacted on the dealingday following receipt of the client's instructions, or if received before noon, on that dealing day.

In the case of telephone purchases of units from the Manager, settlement must be by return ofpost after receipt of the contract note. In the case of telephone redemptions, the proceeds willnot become payable until the receipt at the Administration Centre of a written request.

A contract note confirming the subscription or redemption price and the number of unitsinvolved will be forwarded, together with a cancellation notice, where appropriate, on the nextbusiness day.

The most recent issue and redemption prices will be published on the Manager's website:www.sjp.co.uk and are available by calling the Administration Centre on 0800 027 1031.

Management Charges

The minimum lump sum investment is £1,500, thereafter the minimum additional investment is£1,000. The minimum monthly investment is £150 and the minimum monthly increment is £50.The minimum annual investment is £1,500 and the minimum annual increment is £500.

Minimum Investment

With effect from 26 October 2015 the Manager has changed the charging structure of theScheme. The annual management charge has been adjusted to include many of the predictablecosts, such as trustee fees and administration fees, which were previously charged directly to theScheme, and to exclude the fees for Investment Advisers, which are now charged directly to theScheme. These changes are therefore presentational only and there is no overall increase in thetotal charges met by the Scheme. In addition, the way the annual management charge iscalculated has been changed. The charge was previously calculated monthly, based on theScheme value on the first business day of the month; in future it will be calculated daily, basedon the Scheme value every day.

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General Information (continued)

(a)

(b)

Tax Vouchers

Income distributions are made annually on or before the 30 November.

Accumulation Distributions

Revenue due to accumulation unitholders is reflected in the price of their units.

To calculate capital gains on accumulation units, the total amount of reinvested net revenue(shown on the annual tax credit vouchers) should be added to the base cost of the unitspurchased. Unitholders should consult their professional advisers for any advice regarding theirtax position.

Income unitholders that receive income distributions by direct credit and accumulationunitholders (where the distribution income is reinvested) receive an annual consolidated taxvoucher in May with all the relevant payment and tax information required to complete a taxreturn.

Tax vouchers will be enclosed if income unitholders receive payment by cheque.

Report

A report is sent semi-annually to all unitholders on or before 31 May and 30 November.

Capital Gains Tax

The Trust is not liable to tax on capital gains and any individual holding units will not be liable tocapital gains tax unless the total chargeable gains for the tax year 2015/2016 exceed £11,100(2014/2015 £11,000).

The Trust Deed permits the following management charges which are receivable by theManager:

A Preliminary Charge of 5 per cent which is included in the offer price of the Units.

An Annual Management Charge at a rate of 1.35 per cent (2.00 per cent prior to 26October 2015) of the value of the Trust.

Income Distributions

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Perivan Financial Print 238901 UK Growth (11/15)

St. James’s Place Unit Trust Group Ltd is authorised and regulated by the Financial Conduct Authority. St. James’s Place Unit Trust Group Ltd Registered Offi ce:

St. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. Registered in England Number 947644.