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Share Name Share Symbol Market Type Share ISIN Share Description
Aberdeen New Dawn Investment Trust Plc LSE:ABD London Ordinary Share GB00BBM56V29 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  5.00 1.96% 260.00 253.00 260.00 259.00 249.00 259.00 38,911 16:35:07
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 7.7 5.6 4.6 56.4 293

Aberdeen New Dawn Invest Trust PLC Annual Financial Report

02/07/2020 7:00am

UK Regulatory (RNS & others)


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Aberdeen New Dawn Invest Trust PLC

02 July 2020

ABERDEEN NEW DAWN INVESTMENT TRUST PLC

ANNUAL FINANCIAL REPORT FOR THE YEARED 30 APRIL 2020

Legal Entity Identifier (LEI): 5493002K00AHWEME3J36

Investment Objective

To provide shareholders with a high level of capital growth through equity investment in the Asia Pacific countries ex Japan.

Benchmark

MSCI All Countries Asia Pacific ex Japan Index (Sterling adjusted).

Management

The Company's Manager is Aberdeen Standard Fund Managers Limited ("ASFML", the "AIFM" or the "Manager") which has delegated the investment management of the Company to Aberdeen Standard Investments (Asia) Limited ("ASI Asia" or the "Investment Manager"). Both companies are wholly owned subsidiaries of Standard Life Aberdeen plc.

Website

Up to date information can be found on the Company's website: www.newdawn-trust.co.uk

COMPANY OVERVIEW - FINANCIAL HIGHLIGHTS

 
 Share price total return                   Net asset value total        Benchmark total 
  (A B)                                      return (A B)                 return (B) 
 2020                 -8.4%                 2020          -5.5%          2020         -5.2% 
 2019                 +8.0%                 2019          +4.9%          2019         +3.0% 
 
 Ongoing charges (A)                        Revenue return per share     Dividend per Ordinary 
                                                                          share 
 2020                 1.10%                 2020          4.61p          2020         4.30p 
 2019                 1.13%                 2019          4.30p          2019         4.30p 
 (A) Alternative Performance Measure 
 (B) Total return represents capital return plus dividends reinvested. 
 

For further information, please contact:

Stephanie Hocking

Aberdeen Standard Fund Managers Limited

0207 463 6403

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise. Investors may not get back the amount they originally invested.

COMPANY OVERVIEW - CHAIRMAN'S STATEMENT

Results and Dividend

I am writing this statement against the backdrop of significant market volatility, resulting from the global spread of the COVID-19 virus. The pandemic has brought entire economies close to a standstill. Governments the world over have been compelled to impose draconian lockdowns in an attempt to contain the disease and prevent it from overwhelming their healthcare systems.

Against this backdrop, the Company's net asset value ("NAV") fell by 5.5% on a total return basis for the year ended 30 April 2020. This compares to a fall of 5.2% in the MSCI All Countries Asia Pacific ex Japan Index. The share price declined by 8.4% in total return terms and, as a result of poor investor sentiment in the final few months of the period, the share price at the end of the year of 225p represented a discount of 12.8% (excluding current year income) to the NAV compared to 10.0% at the start of the year.

The Board is pleased to announce a final dividend of 3.3 p per share (2019: 3.3p), making a total dividend for the year of 4.3 p per share, unchanged from the previous year. If approved by shareholders at the Annual General Meeting, the final dividend will be paid on 11 September 2020 to shareholders on the register on 7 August 2020.

Overview for the Year

Most Asia Pacific stocks did not progress in 2019, having been frequently impacted by the ebb and flow of US-China relations. At the start of 2020 the "Phase One" accord between both countries was announced, which lifted investor sentiment. However, markets were soon overtaken by news of a new and deadly strain of virus originating from central China. Though at first discounted as just another localised event, as we know, by early spring it had spread to most parts of the globe, and was declared a pandemic, so causing stock markets to slump in unison. Exacerbating the loss in investor confidence was the collapse in the oil price. Demand was expected to drop sharply from the raft of travel bans as governments closed their borders, whilst in addition oil producers, led by Opec, could not agree on supply reductions. As a response to the threat of deep recessions and spiralling job losses, governments and central banks around the world initiated varying degrees of fiscal and monetary stimulus. Drawing some comfort from these supportive policies coupled with cheaper imported oil, investors regained some confidence. As a result, by the end of April most regional markets had rebounded somewhat.

During the year, market performance was uneven across the region, reflecting the relative success each country had in containing COVID-19. East Asian countries, which were the first to contend with the virus and now have infections largely under control, gained the most. Southeast Asia, on the other hand, lagged as it continued to struggle with the outbreak. Some markets faced additional challenges of their own. Hong Kong was shaken by prolonged protests before the pandemic emptied its streets, while India was weighed down by ongoing financial sector stress and disappointment over the limited scale of the government's stimulus package.

It was positive to see the Company's technology and healthcare holdings, which are a core part of the portfolio and less vulnerable to the crisis, deliver strong returns during the period. Conversely, holdings in automobile-related businesses and in other consumer discretionary sectors such as travel and leisure bore the brunt of the selling.

The recent indiscriminate sell-off provided the Investment Manager with opportunities to fine-tune, and add to, the portfolio, whilst also adopting a more defensive footing to weather the pandemic. This led to an unusually active year in portfolio management. Specifically, the Investment Manager has sought to invest in quality companies, with a focus on those with strong balance sheets and healthy cash flows as well as good environmental, social and governance ("ESG") practices. At the same time, the Investment Manager has disposed of holdings where it had lower conviction and which it felt would be less resilient during this period of economic distress. The Investment Manager also took the opportunity arising from cheaper valuations to initiate new quality stocks into the portfolio. Selecting these companies from a bottom-up perspective led to a rise in the Company's exposure to markets such as China and Australia, as well as to sectors including technology and healthcare. More detailed information is included in the Investment Manager's Review.

Gearing

At the end of the year, the Company's borrowing facilities comprised a fixed rate loan of GBP20 million, which matures in December 2023 (with an interest rate of 2.626%), and a GBP15 million multi-currency revolving loan facility which matures in December 2021. During the period, the Company also had a GBP5 million fixed rate loan which matured, and was repaid, in October 2019. Total borrowing facilities have therefore reduced to GBP35 million compared to GBP40 million at the start of the year. An aggregate Sterling equivalent of GBP33.6 million was drawn down at the year end and gearing (net of cash) was 10.3% as at 30 April 2020, compared to 9.3% at the beginning of the year.

Although gearing had a negative impact on the NAV total return for the year, the Board is comfortable with maintaining the current level and views it as a structural advantage that the Company has over its open-ended equivalents. As the market eventually recovers and structural growth trends in the Asia Pacific region are re-established, the gearing would be expected to work in the opposite direction, helping to boost returns over the long term.

Share Buybacks

In common with other investment trusts, the Company has bought back shares with the aim of providing a degree of liquidity to the market at times when the discount to the NAV has widened in normal market conditions. It is the view of the Board that this policy is in the interests of all Shareholders. The Board closely monitors the discount and we review the operation of the share buy back policy at each Board meeting as well as considering other options for managing the discount.

During the year, the Company bought back 1.3 million shares, representing 1.1% of the issued share capital. These shares were bought back and held in treasury. The Company's stated policy on treasury shares is that these can only be re-issued to the market at a premium to the NAV per share at that time.

The Board will seek to renew the Company's share buyback authority at the Annual General Meeting.

Board Composition

As previously announced, John Lorimer will retire from the Board at the conclusion of the forthcoming Annual General Meeting. John has been a Director of the Company for 10 years including 8 years as Chairman of the Audit and Risk and Management Engagement Committees. On behalf of the Board, I would like to thank John for his significant contributions throughout this period. We shall miss his wise counsel.

Following John's retirement, Stephen Souchon will be appointed as Chairman of the Audit and Risk Committee, I will take over as Chairman of the Management Engagement Committee and Marion Sears will be appointed as the Senior Independent Director.

Annual General Meeting

The Annual General Meeting ("AGM") will be held at 12 noon on Wednesday 2 September 2020 at the offices of Aberdeen Standard Investments, Bow Bells House, 1 Bread Street, London EC4M 9HH.

The Board has been considering how best to deal with the potential impact of the COVID-19 pandemic on arrangements for the AGM. Taking account of developing Government guidance, and including evolving rules on staying at home, social distancing and avoiding public gatherings ("COVID-19 Measures") and given the likelihood that some level of restriction on public gatherings and maintaining social distancing will remain in place beyond September, the Board has also resolved to amend the format of the AGM for this year. Therefore, whilst the formal business of the AGM will be considered, the meeting will be functional only, and will follow the minimum legal requirements for an AGM. Should COVID-19 Measures remain in place in September, shareholders are strongly discouraged from attending the meeting and indeed, pursuant to the Company's Articles of Association, entry may be refused if the law and/or Government guidance so requires. In such circumstances, arrangements will be made by the Company to ensure that the minimum number of shareholders required to form a quorum will attend the meeting in order that the meeting may proceed and the business concluded.

The Board considers these revised arrangements to be in the best interests of shareholders in the current circumstances. In light of the outbreak and evolving Government guidance, the Company will continue to keep arrangements for the AGM under review and it is possible the arrangements will need to change. We will keep shareholders updated of any changes through the Company's website (newdawn-trust.co.uk) and announcements to the London Stock Exchange. We trust that shareholders will be understanding of this approach and we hope that 'normal service' can be resumed next year.

A presentation from the Investment Manager, along with the AGM results, will be made available to shareholders on the Company's website shortly after the AGM.

In light of the developing situation and the revised format of this year's meeting, shareholders are encouraged to raise any questions in advance of the AGM with the Company Secretary at new.dawn@aberdeenstandard.com (please include 'NEW DAWN AGM' in the subject heading). Questions must be received by 5.00pm on 31 August 2020. Any questions received will be replied to by either the Manager or Board via the Company Secretary either before or after the AGM.

In taking these steps, the Board is trying to balance the requirement under company law to hold an AGM so that the matters that it needs to seek shareholder approval for can be considered, whilst operating in a rapidly changing environment where public gatherings are restricted. The Board strongly encourages all shareholders to exercise their votes in respect of the meeting in advance by completing the enclosed form of proxy, or letter of direction for those who hold shares through the Aberdeen Standard Investments savings plans. This should ensure that your votes are registered in the event that physical attendance at the AGM is not possible or restricted.

Outlook

Asia Pacific stocks have recovered some losses since markets reached a four-year low in mid-March. Investors turned hopeful as COVID-19 infections appeared to peak in many countries, economies started tentatively to re-open and governments added more stimulus. However, the Board and Manager take a more cautious perspective, given the risk of secondary waves of infections as economies re-open, particularly in some of the densely populated emerging markets in Asia. Whilst it is difficult to say when the pandemic will be over, it will most likely come only when an effective vaccine becomes widely available. The timescale for this is highly uncertain. With countries easing lockdown restrictions slowly and at different times, a 'V-shaped' recovery seems increasingly unlikely. In addition, the state of US-China relations is likely to add to volatility. Tensions are already escalating, and are likely to worsen as we approach the US presidential elections in November.

On a more positive note, the current low oil price benefits Asia Pacific, which is a net importer of the commodity. This reduces imported inflation, providing central banks greater elbow room for monetary easing and, for governments providing oil subsidies, more leeway for fiscal stimulus. In the longer term, Asia remains the world's most economically vibrant region. Its structural attractions, such as a growing middle-class that is also becoming more affluent, as well as deep expertise in technology manufacturing and innovation, remain unchanged. Its companies have also taken the lessons from past crises to heart, and this has ensured that their balance sheets are not overstretched during these difficult times. Governments, meanwhile, have learnt the lessons from past virus outbreaks in the region and, as a result, are arguably among the best equipped to respond to the current pandemic. Once it is behind us, the region should be among the first to benefit. The Board is confident that the Company's portfolio, repositioned around the more resilient sectors, can continue to benefit from these long-term growth trends.

Donald Workman

Chairman

1 July 2020

STRATEGIC REPORT - OVERVIEW OF STRATEGY

Business Model

The business of the Company is that of an investment company which seeks to qualify as an investment trust for tax purposes. The Directors do not envisage any change in this activity in the foreseeable future.

Investment Objective

The Company's investment objective is to provide shareholders with a high level of capital growth through equity investment in the Asia Pacific countries ex Japan.

Investment Policy

Asset Allocation

The Company's assets are invested in a diversified portfolio of securities in quoted companies spread across a range of industries and economies in the Asia Pacific region excluding Japan. Investments may also be made through collective investment schemes and in companies traded on stock markets outside the Asia Pacific region provided that over 75% of their consolidated revenue is earned from trading in the Asia Pacific region or they hold more than 75% of their consolidated net assets in the Asia Pacific region.

Gearing

The Board is responsible for determining the gearing strategy for the Company. Gearing is used selectively to leverage the Company's portfolio in order to enhance returns where and to the extent this is considered appropriate to do so. At the year end the Company had net gearing of 10.3% which compares with a current maximum limit set by the Board of 25%. Borrowings are short to medium term and particular care is taken to ensure that any bank covenants permit maximum flexibility of the investment policy.

Risk Diversification

It is the investment policy of the Company to invest no more than 15% of its gross assets in other listed investment companies (including investment trusts). As at 30 April 2020, 2.2% of the Company's gross assets were invested in listed investment companies.

The Company may invest in derivatives, financial instruments, money market instruments and currencies for the purposes of efficient portfolio management (ie for the purpose of reducing, transferring or eliminating investment risk in the Company's investments, including any technique or instrument used to provide protection against foreign exchange and credit risks).

The Company may only make material changes to its investment policy with the approval of shareholders in the form of an ordinary resolution. In addition, any material changes to the Company's investment policy will require the prior approval of the Financial Conduct Authority.

Delivering the Investment Policy

The Directors are responsible for determining the Company's investment objective and investment policy. Day-to-day management of the Company's assets has been delegated, via the AIFM, to the Investment Manager.

Board Investment Limits

In addition to the limits set out in the investment policy, the Investment Manager is authorised by the Board to invest up to 15% of the Company's gross assets in any single stock, calculated at the time an investment is made.

Benchmark

The Company compares its performance to the MSCI All Countries Asia Pacific ex Japan Index (Sterling adjusted).

Promoting the Success of the Company

The Board's statement below describes how the Directors have discharged their duties and responsibilities over the course of the financial year under section 172 (1) of the Companies Act 2006 and how they have promoted the success of the Company. That statement forms part of the Strategic Report.

Board Diversity

The Board recognises the importance of having a range of skilled and experienced individuals with the right knowledge represented on the Board in order to allow it to fulfil its obligations. The Board also recognises the benefits and is supportive of the principle of diversity in its recruitment of new Board members. The Board will not display any bias for age, gender, race, sexual orientation, religion, ethnic or national origins or disability in considering the appointment of its Directors. In view of its size, the Board will continue to ensure that all appointments are made on the basis of merit against the specification prepared for each appointment and the Board does not therefore consider it appropriate to set measurable objectives in relation to its diversity.

At 30 April 2020, there were four male Directors and two female Directors. Following the retirement of John Lorimer from the Board at the Annual General Meeting on 2 September 2020, there will be three male Directors and two female Directors.

Principal Risks and Uncertainties

The Company's statement of principal risks and uncertainties form part of the Strategic Report and is included below.

Key Performance Indicators ("KPIs")

The Board uses a number of financial performance measures to assess the Company's success in achieving its objective and determining the progress of the Company in pursuing its investment policy. The main KPIs, which are considered at each Board meeting, are shown in the table below.

 
KPI                       Description 
Performance of net        The Board considers the Company's NAV total return 
 asset                     figures to be the best indicator of performance over 
 value ("NAV")             time. 
Performance against       The Board measures performance against the benchmark 
 benchmark index           index - the currency-adjusted MSCI All Countries Asia 
                           Pacific ex Japan Index. 
Revenue return per        The Board monitors the Company's net revenue return. 
 Ordinary share 
Dividends per share       The Board monitors the Company's annual dividends 
                           per Ordinary share. 
Share price performance   The Board monitors the performance of the Company's 
                           share price on a total return basis. 
Discount/premium          The discount/premium of the share price relative to 
 to NAV                    the NAV per share is closely monitored by the Board. 
Ongoing charges           The Board regularly monitors the Company's operating 
                           costs. 
 

Promotional Activities

The Board recognises the importance of promoting the Company to prospective investors both for improving liquidity and enhancing the value and rating of the Company's shares. The Board believes one effective way to achieve this is through subscription to, and participation in, the promotional programme run by Aberdeen Standard Investments on behalf of a number of investment trusts under its management. The Company's financial contribution to the programme is matched by Aberdeen Standard Investments. The Company also supports Aberdeen Standard Investments' investor relations programme which involves regional roadshows, promotional and public relations campaigns. Aberdeen Standard Investments' promotional and investor relations teams report to the Board on a quarterly basis giving analysis of the promotional activities as well as updates on the shareholder register and any changes in the make up of that register.

The purpose of the promotional and investor relations programmes is both to communicate effectively with existing shareholders and to gain new shareholders, with the aim of improving liquidity and enhancing the value and rating of the Company's shares. Communicating the long-term attractions of the Company is key. Part of the promotional programme includes commissioning independent paid for research on the Company, most recently from Marten & Co. A copy of the latest Marten & Co research note is available from the Latest News section of the Company's website, newdawn-trust.co.uk.

Modern Slavery Act

Due to the nature of the Company's business, being a company that does not offer goods and services to customers, the Board considers that it is not within the scope of the Modern Slavery Act 2015 because it has no turnover. The Company is therefore not required to make a slavery and human trafficking statement. In any event, the Board considers the Company's supply chains, dealing predominantly with professional advisers and service providers in the financial services industry, to be low risk in relation to this matter.

Environmental, Social and Human Rights Issues

The Company has no employees as the Board has delegated the day-to-day management and administrative functions to the Manager. There are therefore no disclosures to be made in respect of employees. The Company's socially responsible investment policy is set out below.

Environmental, Social and Governance ("ESG") Investing

Whilst the management of the Company's investments is not undertaken with any specific instructions to exclude or include certain asset types or classes, the Investment Manager embeds ESG considerations into the research and analysis of each asset class as part of the investment decision-making process. Where applicable, active engagement and other stewardship activities such as voting in line with best practices, with the goal of improving the performance of assets held around the world, is also an important part of the Investment Manager's approach.

The Investment Manager aims to make the best possible investments for the Company, by understanding the whole picture of the investments - before, during and after an investment is made. That includes understanding the ESG risks and opportunities they present, and how these could affect longer-term performance. ESG considerations underpin all investment activities. With more than 1,000 investment professionals, the Investment Manager is able to take account of ESG factors in its company research, stock selection and portfolio construction, supported by more than 50 asset class specific ESG specialists around the world.

Responsible Investment

The Board is aware of its duty to act in the interests of the Company. The Board acknowledges that there are risks associated with investment in companies which fail to conduct business in a socially responsible manner and has noted the Investment Manager's policy on social responsibility. The Investment Manager considers social, environmental and ethical factors which may affect the performance or value of the Company's investments as part of its investment process. In particular, the Investment Manager encourages companies in which investments are made to adhere to best practice in the areas of ESG stewardship. The Investment Manager believes that this can best be achieved by entering into a dialogue with company management to encourage them, where necessary, to improve their policies.

The Company's ultimate objective is to deliver long term growth on its investments for its shareholders which the Board and Investment Manager believes will be produced on a sustainable basis by investments in companies which adhere to best practice in ESG. Accordingly, the Investment Manager will seek to favour companies which pursue best practice.

Active Engagement

Through engagement and exercising voting rights, the Investment Manager actively works with companies to improve corporate standards, transparency and accountability. By making ESG central to its investment capabilities, the Investment Manager looks to deliver robust outcomes as well as actively contributing to a fairer, more sustainable world.

The primary goal of the Investment Manager is to generate the best long-term outcomes for the Company in order to fulfil fiduciary responsibilities to shareholders and this fits with one of the Investment Manager's core principles as a business in how it evaluates investments. The Investment Manager sees ESG factors as being financially material and impacting corporate performance. The Investment Manager focuses on understanding the ESG risks and opportunities of investments alongside other financial metrics to make better investment decisions.

The Investment Manager aims for better risk-adjusted returns by actively undertaking informed and constructive engagement and asset management to generate better performance from its investments. Comprehensive assessment of ESG factors, combined with constructive company engagement, should lead to better client outcomes.

Stewardship

The Company supports the UK's Stewardship Code, and seeks to play its role in supporting good stewardship of the companies in which it invests. Responsibility for actively monitoring the activities of portfolio companies has been delegated by the Board to the Manager which has sub-delegated that authority to the Investment Manager. Standard Life Aberdeen plc is a tier 1 signatory of the UK Stewardship Code which aims to enhance the quality of engagement by investors with investee companies in order to improve their socially responsible performance and the long term investment returns to shareholders. While delivery of stewardship activities has been delegated to the Manager and its group, the Board acknowledges its role in setting the tone for the effective delivery of stewardship on the Company's behalf.

The Board has also given discretionary powers to the Manager to exercise voting rights on resolutions proposed by the investee companies within the Company's portfolio. The Manager reports on a quarterly basis on stewardship (including voting) issues.

Global Greenhouse Gas Emissions

The Company has no greenhouse gas emissions to report from its operations, nor does it have responsibility for any other emissions producing sources under the Companies Act 2006 (Strategic Report and Directors' Reports) Regulations 2013.

Duration

The Company does not have a fixed life. However, under its Articles of Association, if, in the 90 days preceding the Company's financial year end (30 April), the Ordinary shares have been trading, on average, at a discount in excess of 15% to the underlying NAV (excluding current year income, and with borrowings stated at market value) over the same period, notice will be given of an ordinary resolution to be proposed at the following Annual General Meeting to approve the continuation of the Company. If the resolution for the continuation of the Company is not passed at that Annual General Meeting or at any adjournment thereof, the Directors will convene a general meeting to be held not more than three months after the Annual General Meeting at which a special resolution for the winding-up of the Company will be proposed. In the 90 days to 30 April 2020 the average discount to the underlying NAV (excluding current year income, and with borrowings stated at market value) of the Ordinary shares was 12.8% and therefore no continuation resolution will be put to the Company's shareholders at this year's Annual General Meeting.

Viability Statement

The Board considers the Company, with no fixed life, to be a long term investment vehicle and it intends to maintain the current mandate. For the purposes of this viability statement, the Board has decided that three years is an appropriate period over which to report. The Board considers that this period reflects a balance between looking out over a long term horizon and the inherent uncertainties of looking out further than three years.

In assessing the viability of the Company over the review period, the Directors have focused upon the following factors:

   -     The principal risks and uncertainties and the steps taken to mitigate these risks. 

- The role of the Audit and Risk Committee in reviewing and monitoring the Company's internal control and risk management systems (see the Audit and Risk Committee's Report).

   -     The ongoing relevance of the Company's investment objective. 

- The liquidity of the Company's portfolio. All of the Company's investments are in quoted securities in active markets or in collective investment schemes, and are considered to be liquid.

   -     The closed-ended nature of the Company which means that it is not subject to redemptions. 

- The use of the Company's share buy back and share issuance policies to help address any imbalance of supply and demand for the Company's shares.

- The current and maximum levels of gearing, compliance with loan covenants and level of headroom within the financial covenants (see note 12 to the financial statements for details of loan covenants).

   -     The ability of the Company to refinance its loan facilities, on or before maturity. 

- The potential requirement of the Board to propose a resolution to approve the continuation of the Company at future Annual General Meetings. As explained above, this is dependent upon the level of discount in the 90 days preceding the Company's financial year end and there is no requirement for such a resolution to be proposed at the forthcoming Annual General Meeting.

   -     Regulatory or market changes. 
   -     The level of the Company's ongoing charges. 

- The robustness of the operations of the Company's third party suppliers, which have been subject to rigorous testing and application, particularly during the COVID-19 pandemic.

   -     Exogenous risks such as those currently impacting global economies and stock markets. 

In making its assessment, the Board has considered that there are other matters that could have an impact on the Company's prospects or viability in the future, including a greater than anticipated economic impact of the COVID-19 pandemic, economic shocks, significant stock market volatility, and changes in regulation or investor sentiment.

Taking into account the Company's current position and the potential impact of its principal risks and uncertainties and emerging risks, the Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due for a period of three years from the date of approval of this Report.

Outlook

The Board's view on the general outlook for the Company can be found in the Chairman's Statement whilst the Investment Manager's views on the outlook for the portfolio are included in the Investment Manager's Review.

On behalf of the Board

Donald Workman

Chairman

1 July 2020

STRATEGIC REPORT - PROMOTING THE SUCCESS OF THE COMPANY

How the Board Meets its Obligations under Section 172 of the Companies Act

The Board is required to describe to the Company's shareholders how the Directors have discharged their duties and responsibilities over the course of the financial year under section 172 (1) of the Companies Act 2006 (the "Section 172 Statement"). This statement provides an explanation of how the Directors have promoted the success of the Company for the benefit of its members as a whole, taking into account the likely long term consequences of decisions, the need to foster relationships with all stakeholders and the impact of the Company's operations on the environment.

The Purpose of the Company and Role of the Board

The purpose of the Company is to act as a vehicle to provide, over time, financial returns (both income and capital) to its shareholders. Investment trusts, such as the Company, are long-term investment vehicles and are typically externally managed, have no employees, and are overseen by an independent non-executive board of directors.

The Board, which at the end of the year comprised six non-executive Directors, five of whom are independent of the Manager, has a broad range of skills and experience across all major functions that affect the Company. The Board retains responsibility for taking all decisions relating to the Company's investment objective and policy, gearing, corporate governance and strategy, and for monitoring the performance of the Company's service providers.

The Board's philosophy is that the Company should operate in a transparent culture where all parties are treated with respect and provided with the opportunity to offer practical challenge and participate in positive debate which is focused on the aim of achieving the expectations of shareholders and other stakeholders alike. The Board reviews the culture and manner in which the Manager and Investment Manager operate at its meetings and receives regular reporting and feedback from the other key service providers. The Board is very conscious of the ways it promotes the Company's culture and ensures as part of its regular oversight that the integrity of the Company's affairs is foremost in the way that the activities are managed and promoted. The Board works very closely with the Manager and Investment Manager in reviewing how stakeholder issues are handled, ensuring good governance and responsibility in managing the Company's affairs, as well as visibility and openness in how the affairs are conducted.

The Company's main stakeholders are shareholders (who are also the Company's 'customers'), the Manager (and Investment Manager), investee companies, service providers, debt providers and, more broadly, the community at large and the environment.

How the Board Engages with Stakeholders

The Board considers its stakeholders at Board meetings and receives feedback on the Manager's interactions with them.

 
Stakeholder            How We Engage 
--------------------  --------------------------------------------------------------------- 
Shareholders           Shareholders are key stakeholders and the Board places great 
                        importance on communication with them. The Board welcomes 
                        all shareholders' views and aims to act fairly to all shareholders. 
                        The Manager and Company's broker regularly meet with current 
                        and prospective shareholders to discuss performance and shareholder 
                        feedback is discussed by the Directors at Board meetings. 
                        In addition, Directors attend meetings with the Company's 
                        largest shareholders and meet other shareholders at the Annual 
                        General Meeting. The Company subscribes to Aberdeen Standard 
                        Investments' investor relations programme in order to maintain 
                        communication channels with the Company's shareholder base. 
 
                        Regular updates are provided to shareholders through the 
                        Annual Report, Half Yearly Report, monthly factsheets, Company 
                        announcements, including daily net asset value announcements, 
                        and the Company's website. 
 
                        The Company's Annual General Meeting usually provides a forum, 
                        both formal and informal, for shareholders to meet and discuss 
                        issues with the Directors and Manager. Typically, the Board 
                        encourages as many shareholders as possible to attend the 
                        Company's Annual General and to provide feedback on the Company. 
                        This year, due to the uncertainties caused by the COVID-19 
                        pandemic and, in particular, the restrictions on public gatherings 
                        and requirement to socially distance, it is likely that the 
                        Annual General Meeting will be held on a functional only 
                        basis, satisfying the minimum legal requirements. Instead, 
                        shareholders are encouraged to submit questions to the Board 
                        and the Manager. Further details can be found in the Chairman's 
                        Statement. 
--------------------  --------------------------------------------------------------------- 
Manager (and           The Investment Manager's Review details the key investment 
 Investment Manager)    decisions taken during the year. The Investment Manager has 
                        continued to manage the Company's assets in accordance with 
                        the mandate provided by shareholders, with oversight provided 
                        by the Board. 
 
                        The Board regularly reviews the Company's performance against 
                        its investment objective and the Board undertakes an annual 
                        strategy review meeting to ensure that the Company is positioned 
                        well for the future delivery of its objective for its stakeholders. 
 
                        The Board receives presentations from the Investment Manager 
                        at every Board meeting to help it to exercise effective oversight 
                        of the Investment Manager and the Company's strategy. 
 
                        The Board, through the Management Engagement Committee, formally 
                        reviews the performance of the Manager at least annually. 
--------------------  --------------------------------------------------------------------- 
Investee Companies     Responsibility for monitoring the activities of portfolio 
                        companies has been delegated by the Board to the Manager 
                        which has sub-delegated that authority to the Investment 
                        Manager. 
 
                        The Board has also given discretionary powers to the Manager 
                        to exercise voting rights on resolutions proposed by the 
                        investee companies within the Company's portfolio. The Manager 
                        reports on a quarterly basis on stewardship (including voting) 
                        issues. 
 
                        Through engagement and exercising voting rights, the Investment 
                        Manager actively works with companies to improve corporate 
                        standards, transparency and accountability. 
--------------------  --------------------------------------------------------------------- 
Service Providers      The Board seeks to maintain constructive relationships with 
                        the Company's suppliers either directly or through the Manager 
                        with regular communications and meetings. 
 
                        The Management Engagement Committee conducts an annual review 
                        of the performance, terms and conditions of the Company's 
                        main service providers to ensure they are performing in line 
                        with Board expectations and providing value for money. 
--------------------  --------------------------------------------------------------------- 
Debt Providers         On behalf of the Board, the Manager maintains a positive 
                        working relationship with The Royal Bank of Scotland International 
                        Limited, the provider of the Company's loan facilities, and 
                        provides regular updates on business activity and compliance 
                        with its loan covenants. 
--------------------  --------------------------------------------------------------------- 
Environment            The Board and Manager are committed to investing in a responsible 
 and Community          manner and the Investment Manager embeds Environmental, Social 
                        and Governance ("ESG") considerations into the research and 
                        analysis as part of the investment decision-making process. 
--------------------  --------------------------------------------------------------------- 
 

Specific Examples of Stakeholder Consideration During the Year

While the importance of giving due consideration to the Company's stakeholders is not a new requirement, and is considered during every Board decision, the Directors were particularly mindful of stakeholder considerations during the following decisions undertaken during the year ended 30 April 2020:

Portfolio

The Investment Manager's Review details the key investment decisions taken during the year. In the opinion of the Board, the performance of the investment portfolio is the key factor in determining the long term success of the Company. Accordingly, at each Board meeting the Directors discuss performance in detail with the Investment Manager. In addition, during the year, the Board considered in detail how the Investment Manager incorporates ESG issues into its research and analysis work that forms part of the investment decision process.

During the year the Management Engagement Committee decided that the continuing appointment of the Manager was in the best interests of shareholders.

Dividend

Following the payment of the final dividend for the year, of 3.3p per Ordinary share, total dividends for the year will amount to 4.3p per Ordinary share, unchanged from the previous year.

Share Buy Backs

During the year the Company bought back 1,270,000 Ordinary shares to be held in treasury, providing a small accretion to the NAV per share and a degree of liquidity to the market at times when the discount to the NAV per share has widened in normal market conditions. It is the view of the Board that this policy is in the interest of all shareholders.

Directorate

The Board has continued to progress its succession plans during the year resulting in the decision to appoint Stephen Souchon as an independent non-executive Director on 1 October 2019. Mr Souchon will succeed Mr Lorimer as Chairman of the Audit and Risk Committee upon Mr Lorimer's retirement from the Board at the Annual General Meeting on 2 September 2020. Further details are provided in the Chairman's Statement. Shareholders' interests are best served by ensuring a smooth and orderly refreshment of the Board which serves to provide continuity and maintain the Board's open and collegiate style.

STRATEGIC REPORT - RESULTS

Financial Highlights

 
                                               30 April         30 April   % change 
                                                   2020             2019 
 Total assets                            GBP322,929,000   GBP347,660,000       -7.1 
 Total equity shareholders' funds 
  (net assets)                           GBP289,285,000   GBP314,411,000       -8.0 
 Market capitalisation                   GBP248,786,000   GBP279,603,000 
 Net asset value per Ordinary share 
  (including current year income)               261.63p          281.12p       -6.9 
 Net asset value per Ordinary share 
  (excluding current year income) 
  (A B)                                         258.00p          277.79p       -7.1 
 Share price (mid market)                       225.00p          250.00p      -10.0 
 Discount to net asset value per 
  Ordinary share (including current 
  year income) (B)                                14.0%            11.1% 
 Discount to net asset value per 
  Ordinary share (excluding current 
  year income) (A B)                              12.8%            10.0% 
 MSCI AC Asia Pacific ex Japan Index 
  (currency adjusted, capital gains 
  basis)                                         710.41           772.65       -8.1 
 Net gearing(B)                                  10.33%            9.32% 
 Dividend and earnings 
 Revenue return per share (C)                     4.61p            4.30p       +7.2 
 Dividends per share (D)                          4.30p            4.30p          - 
 Dividend cover                                    1.07             1.00 
 Revenue reserves (E)                     GBP13,434,000    GBP13,104,000 
 Operating costs 
 Ongoing charges ratio (B)                        1.10%            1.13% 
 
 (A) Based on capital only NAV. 
 (B) Considered to be an Alternative Performance Measure. 
 (C) Measures the total earnings for the year divided by the weighted 
  average number of Ordinary shares in issue (see Statement of Comprehensive 
  Income). 
 (D) The figures for dividends reflect the years in which they were 
  earned (see note 8) and assume approval of the final dividend. 
 (E) Prior to payment of proposed final dividend. 
 

STRATEGIC REPORT - PERFORMANCE

Performance (total return)

 
                                                   1 year    3 year    5 year 
                                                   return    return    return 
                                                        %         %         % 
 Net asset value (A)                                 -5.5     +12.0     +31.6 
 Share price (A)                                     -8.4     +12.0     +31.9 
 MSCI AC Asia Pacific ex Japan Index (currency 
  adjusted)                                          -5.2     +10.4     +32.2 
 
 (A) Alternative Performance Measure. 
 

Dividends

 
                           Rate     xd date     Record date      Payment date 
 Interim 2020             1.00p   2 January       3 January   31 January 2020 
                                       2020            2020 
 Proposed final 2020      3.30p    6 August   7 August 2020      11 September 
                                       2020                              2020 
                        _______ 
 Total 2020               4.30p 
                        _______ 
 Interim 2019             1.00p   3 January       4 January   25 January 2019 
                                       2019            2019 
 Final 2019               3.30p   15 August       16 August      13 September 
                                       2019            2019              2019 
                        _______ 
 Total 2019               4.30p 
                        _______ 
 

Ten Year Financial Record

 
 Year to 30 April       2011      2012      2013      2014      2015      2016      2017      2018      2019      2020 
 Total revenue 
  (GBP'000)            5,752     6,799     6,562     6,819     7,412     7,004     6,922     7,481     7,442     7,738 
 Per share (p) 
  (A) 
 Net revenue 
  return                3.17      3.97      3.89      3.79      4.18      4.06      4.05      4.47      4.30      4.61 
 Total return          26.44    (2.72)     33.49   (18.68)     31.74   (34.72)     68.66     30.97     11.88   (15.45) 
 Net dividends 
  paid/proposed         2.50      3.30      3.40      3.60      3.80      3.90      4.00      4.30      4.30      4.30 
 Net asset value      186.60    181.38    210.57    188.49    216.67    179.43    244.90    272.41    281.12    261.63 
                       _____     _____     _____     _____     _____     _____     _____     _____     _____     _____ 
 Shareholders' 
  funds (GBP'000)    232,406   225,908   262,263   234,762   269,398   216,243   286,191   311,816   314,411   289,285 
                       _____     _____     _____     _____     _____     _____     _____     _____     _____     _____ 
 
 (A) Figures for 2011-2013 have been restated to reflect the 5:1 sub-division 
  on 3 September 2013. 
 

STRATEGIC REPORT - INVESTMENT MANAGER'S REVIEW

Portfolio Review

Despite decent performance in the first nine months, a precipitous sell-off across global markets in the New Year dragged Asia Pacific equities lower over the full year. Share prices fell as the massive human, social and economic toll of the COVID-19 pandemic became apparent. Against this backdrop, the Company's net asset value ("NAV") decreased by 5.5% in total return terms, compared with a fall of 5.2% in the MSCI All Countries Asia Pacific ex Japan Index.

The period was volatile. Sentiment was upbeat before Christmas as the US and China overcame setbacks to reach a truce in their trade dispute. But almost all other issues took a back seat once the COVID-19 virus took hold. Of particular concern to investors was the impact on growth after countries effectively shut down their economies to contain the outbreak. With recessions looming, governments and central banks reached for their fiscal and monetary levers, unleashing relief packages and cutting interest rates. Collapsing oil prices, gloomy economic data and fears of a resurgence of infections tempered optimism over slowing case numbers and re-opening of essential sectors.

In such troubled times, we believe a quality-focused strategy remains the best way to mitigate risk. Hence, we adopted a two-pronged approach to face the uncertainty ahead. First, we sought to enhance the portfolio's defensive positioning. This involved thoroughly assessing the portfolio to ensure that its holdings comprised companies with healthy balance sheets and cash flows, backed by experienced management. Second, we took advantage of share-price gyrations to add to higher-conviction holdings. We also used the market swings to initiate names that we like but had previously put off buying due to expensive valuations.

Australia was a prime example. Commodity price weakness dampened the resource-heavy market, but the holdings in the portfolio contributed positively to performance, helped by the excellent returns of biotech major CSL, reflecting its dominance in the blood-plasma segment. Furthermore, the company reaffirmed its full-year earnings forecasts in contrast to many of its peers that withdrew theirs.

With valuations at appealing levels, we added several new names to the portfolio. Among these were two technology holdings. Altium develops electronic design software for printed circuit boards, a key component in electronic devices. Xero makes cloud-based accounting software for small and medium-sized businesses. It is cash-generative and has built a good position in its home markets. Its expansion abroad and the structural shift towards the cloud support its long-term outlook. In addition, we established positions in New Zealand-based Auckland International Airport, a tourism-linked stock, and in gaming-machine maker Aristocrat Leisure. While COVID-19 will have a negative impact on Auckland International's near-term prospects, we believe that the share price has fallen by more than their fundamentals warrant. The airport still holds a near-monopoly position, while passenger traffic will eventually recover. In the meantime, its balance sheet will enable it to weather this tough period. For Aristocrat Leisure, management has invested to help the company maintain its competitive advantage. We think its digital-gaming business is under-appreciated, with several games nearing profitability.

The Company's core holdings in China and the technology sector delivered noticeable contributions. China was among the most resilient markets in the year, being one of the first to restart economic activity after bearing the initial brunt of the disease. As a result, the Company's underweight exposure, along with the lack of exposure to Alibaba, proved costly. However, good performance from other mainland holdings offset the negative impact. The Aberdeen Standard SICAV - China A Share Equity Fund, the portfolio's largest position, was the best performing holding. The A Share Fund holds high-quality, largely domestic-oriented market leaders, which we believe are well-positioned to benefit as the mainland recovers from the virus outbreak. Internet giant Tencent Holdings also outperformed as stay-at-home policies boosted its games and social media offerings. Pharmaceutical contract-research group Wuxi Biologics also fared well as investors gained greater confidence about its business model.

In the technology sector, heavyweights Taiwan Semiconductor Manufacturing Company ("TSMC") and Samsung Electronics were among the best performing holdings. The pair rallied on a brighter outlook for memory chips, thanks to the faster than expected deployment of 5G networks. They further benefited from a surge in online activity during the lockdowns, which lifted demand for chips used to power laptops and servers. While both flagged weaker earnings ahead, their healthy financial positions offer ample cushions. Their longer-term prospects remain promising, on the back of trends, such as 5G networks and cloud computing. Both companies made progress on environmental, social and governance ("ESG") issues which further strengthens our investment cases. TSMC's efforts to improve its water management reflect a commitment to more sustainable production processes. We were also heartened by Samsung's appointment of its first independent chairman given our engagement on such issues.

Volatile markets provided opportunities to add to the portfolio's exposure to industry leaders with clear competitive strengths and viable growth drivers. Notably, we are positive about the long-term potential of premium consumption in China, given its more affluent middle class. Meituan Dianping, a new addition, is uniquely placed to exploit this trend. The online services platform's "super app" caters to a broad range of lifestyle needs. Quicker adoption of e-commerce during the pandemic further buoys its prospects.

At the same time, we like technology and internet companies that are dominant in niche segments. Here, we introduced GDS, one of the top internet data centre providers in China. The expansion of online payments and cloud services should bolster demand for its services, while management is upbeat about boosting capacity. The policy environment looks supportive as well, with Beijing earmarking data centres as a strategic investment.

Outside China, another new technology holding was ASML. It is the world's sole supplier of extreme ultraviolet lithography machines, which are essential for making the smallest microchips while keeping costs low. The company is Netherlands-based, but generates the bulk of its revenues in Asia, counting Samsung and TSMC among its customers.

In contrast, Hong Kong was a significant area of weakness for the Company. The COVID-19 outbreak further strained an economy that was already reeling from months of political unrest. This had a negative impact on Jardine Strategic Holdings, which was also negatively affected by the challenging conditions facing several of its consumption-oriented regional units, including Indonesia's Astra International. Amid concerns about the potential for more political and economic instability, we further reduced the Company's Hong Kong exposure, divesting Hang Lung Properties and Swire Pacific.

Apart from the adjustments above, we reduced other holdings with less certain prospects. Given the evolving crisis, we are sensitive to the shifting dynamics at a macro level that could drag on the Company's performance. This supported our decision to pare the position in the Aberdeen Standard SICAV - Indian Equity Fund. We were concerned about the outlook for India, given that the virus outbreak was still at an early stage. In the energy sector, we sold Woodside Petroleum on fears that the fall in the oil price would derail its expansion plans. We also reduced the Company's exposure to banks, exiting HSBC, Public Bank, Standard Chartered and United Overseas Bank. We felt that lower interest rates, weak growth and rising defaults would cast a shadow over the sector.

Outlook

With COVID-19 infections reaching an inflection point in many parts of the world, governments now face an unenviable task of undoing the economic damage. It is clear that this shock is likely to be both severe and prolonged. While more businesses have tentatively resumed operations, there is a lack of clarity on earnings prospects. End-demand remains lacklustre, constrained by rising unemployment, while social-distancing measures remain in place. A vaccine may be a game-changer, but it could be months before one becomes widely available. Meanwhile, the spectre of US-China tensions has returned. Early salvos, such as US curbs on telecommunications giant Huawei, bode trouble ahead.

With markets prone to bouts of volatility in these trying conditions, we remain disciplined in the way we invest. As ever, the focus is on quality companies, but with increased scrutiny on balance sheet strength, cash generation and debt levels. These defensive traits should ensure that the holdings in the Company's portfolio will cope with unforeseen problems, while protecting shareholder returns, although we do still anticipate that companies will reduce dividend payouts this year as earnings come under pressure and management teams seek to conserve cash. We continue to actively engage with the underlying holdings' management, obtaining first-hand perspectives on how they are responding to the crisis. These regular check-ins also enable us to inculcate ESG improvements, a cornerstone of our due-diligence process.

Despite the daunting challenges ahead, we think the Asia Pacific region is still a compelling investment destination in the long run. It is home to many high-quality companies, while the structural trends that underpin the region's growth are intact. Notably, we believe that technology, healthcare and domestic consumption are all areas that will grow in both the medium and longer term. Our goal remains to invest in the best companies at attractive valuations, ensuring the portfolio has exposure to these promising themes. This, in turn, will position your Company to continue delivering sustainable returns.

James Thom and Gabriel Sacks

Aberdeen Standard Investments (Asia) Limited

1 July 2020

STRATEGIC REPORT - PRINCIPAL RISKS AND UNCERTAINTIES

The Board carries out a regular review of the risk environment in which the Company operates, changes to the environment and individual risks. The Board also identifies emerging risks which might affect the Company. During the year, the most significant risk was the emergence of the COVID-19 virus during the first part of 2020 which has impacted dramatically on public health and mobility, but has also had a significant adverse influence on global financial markets and the future economic outlook.

There are a number of other risks which, if realised, could have a material adverse effect on the Company and its financial condition, performance and prospects. The Board has carried out a robust assessment of these risks, which include those that would threaten its business model, future performance, solvency or liquidity.

The principal risks and uncertainties faced by the Company are reviewed by the Audit and Risk Committee in the form of a risk matrix and the Committee also gives consideration to the emerging risks facing the Company.

The principal risks and uncertainties facing the Company at the current time, together with a description of the mitigating actions the Board has taken, are set out in the table below.

The principal risks associated with an investment in the Company's shares are published monthly on the Company's factsheet and they can also be found in the pre-investment disclosure document ("PIDD") published by the Manager, both of which are available on the Company's website.

 
Risk                              Mitigating Action 
Investment strategy               The Board keeps the level of discount at which 
 and objectives - the              the Company's shares trade, as well as the investment 
 setting of an unattractive        objective and policy under review and holds an 
 strategic proposition             annual strategy meeting where it reviews investor 
 to the market and the             relations reports and updates from the Investment 
 failure to adapt to               Manager and the Company's broker. 
 changes in investor 
 demand may lead to the            The Directors are updated at each Board meeting 
 Company becoming unattractive     on the composition of, and any movements in, 
 to investors, a decreased         the shareholder register. 
 demand for its shares 
 and a widening discount. 
Investment management             The Board meets the Manager on a regular basis 
 - poor stock selection            and keeps investment performance under close 
 or investing outside              review. Representatives of the Investment Manager 
 of the investment restrictions    attend all Board meetings and a detailed formal 
 and guidelines set by             appraisal of the Standard Life Aberdeen Group 
 the Board could result            is carried out annually by the Management Engagement 
 in poor performance               Committee. 
 and an inability to 
 meet the Company's objectives,    The Board sets, and monitors, the investment 
 as well as a widening             restrictions and guidelines, and receives regular 
 discount.                         reports which include performance reporting on 
                                   the implementation of the investment policy, 
                                   the investment process and application of the 
                                   guidelines. The Board also monitors the Company's 
                                   share price relative to the NAV per share. 
Income/dividends - the            The Directors review detailed income forecasts 
 level of the Company's            at each Board meeting. The Company has built 
 dividends and future              up significant revenue reserves which can be 
 dividend growth will              drawn upon if required should there be a shortfall 
 depend on the performance         in revenue returns. 
 of the underlying portfolio. 
 Any change in the tax 
 treatment of dividends 
 or interest received 
 by the Company may reduce 
 the level of net income 
 available for the payment 
 of dividends to shareholders. 
Financial - the financial         The financial risks associated with the Company 
 risks associated with             include market risk, liquidity risk and credit 
 the portfolio could               risk, all of which are mitigated, to some extent, 
 result in losses to               by the Investment Manager. Further details of 
 the Company.                      the steps taken to mitigate the financial risks 
                                   associated with the portfolio are set out in 
                                   note 17 to the financial statements. 
Gearing - a fall in               The Board sets the gearing limits within which 
 the value of the Company's        the Investment Manager can operate. Gearing levels 
 investment portfolio              and compliance with loan covenants are monitored 
 could be exacerbated              on an ongoing basis by the Manager and at regular 
 by the impact of gearing.         Board meetings. In the event of a possible impending 
 It could also result              covenant breach, appropriate action would be 
 in a breach of loan               taken to reduce borrowing levels. 
 covenants. 
                                   In addition, ASFML, as the alternative investment 
                                   fund manager, has set overall leverage limits. 
Regulatory - failure              The Board and Manager monitor changes in government 
 to comply with relevant           policy and legislation which may have an impact 
 laws and regulations              on the Company, and the Audit and Risk Committee 
 (including the Companies          monitors compliance with regulations by reviewing 
 Act, The Financial Services       internal control reports from the Manager. From 
 and Markets Act, The              time to time the Board employs external advisers 
 Alternative Investment            to advise on specific matters. 
 Fund Managers Directive, 
 accounting standards, 
 investment trust regulations, 
 the Packaged Retail 
 and Insurance-based 
 Investment Products 
 Regulations, the Listing 
 Rules, Disclosure Guidance 
 and Transparency Rules, 
 Prospectus Rules and 
 corporate governance 
 regulations) could result 
 in fines, loss of reputation 
 and potentially loss 
 of an advantageous tax 
 regime. 
Operational - the Company         The Board receives reports from the Manager on 
 is dependent on third             its internal controls and risk management throughout 
 parties for the provision         the year, including those relating to cyber crime, 
 of all systems and services       and receives assurances from all its other significant 
 (in particular, those             service providers on at least an annual basis. 
 of the Standard Life 
 Aberdeen Group) and               The Manager monitors closely the control environments 
 any control failures              and quality of services provided by third parties, 
 and gaps in their systems         including those of the Depositary, through service 
 and services could result         level agreements, regular meetings and key performance 
 in fraudulent activities          indicators. 
 or a loss or damage 
 to the Company.                   The operational requirements of the Company have 
 Written agreements are            been subject to rigorous testing and application 
 in place with all third           during the COVID-19 pandemic, including increased 
 party service providers.          use of online communication and out of office 
                                   working and reporting, which to date have proved 
                                   to be robust. 
 
                                   Further details of the internal controls which 
                                   are in place are set out in the Audit and Risk 
                                   Committee's Report. 
Exogenous risks such              Exogenous risks over which the Company has no 
 as health, social, financial,     control are always a risk. The Company does what 
 economic and geo-political        it can to address these risks where possible, 
 - the financial impact            not least operationally and to try and meet the 
 of such risks, associated         Company's investment objectives. 
 with the portfolio or 
 the Company itself,               The Board is conscious of the recent impact on 
 could result in losses            financial markets caused by the outbreak of the 
 to the Company. Political         COVID-19 virus around the world since the beginning 
 risks include the UK's            of 2020. The Board considers that this is a risk 
 impending exit from               that could have further implications for global 
 the European Union,               financial markets, economies and on the operating 
 any regulatory changes            environment of the Company, the impact of which 
 resulting from a different        is difficult to predict at the current juncture. 
 political environment,            During this period, the Board has been liaising 
 and wider geo-political           closely with the Manager to receive updates on 
 issues.                           performance and to seek assurances that the operations 
                                   of the Manager and those of other third party 
                                   service providers are operating effectively. 
 

PORTFOLIO - TEN LARGEST INVESTMENTS

As at 30 April 2020

 
 Aberdeen Standard SICAV - China A                       Tencent Holdings 
  Share Equity Fund 
 The fund invests in a selection of                      The internet giant continues to 
  Chinese companies that benefit from                     strengthen its ecosystem, and the 
  rising disposable incomes of a growing                  Investment Manager sees tremendous 
  middle class. The Investment Manager                    potential in Tencent's advertising 
  believes it is prudent to invest via                    business as it starts monetising 
  a pooled vehicle offering greater                       its social media and payment platforms. 
  stock diversification and lower volatility 
  than directly in the A share market. 
 
 Aberdeen Standard SICAV - Indian Equity                 Taiwan Semiconductor Manufacturing 
  Fund                                                    Company ("TSMC") 
 A tax-efficient pooled India fund                       As the world's largest pure-play 
  with a long-term investment approach                    semiconductor manufacturer, TSMC 
  managed by the same team managing                       provides a full range of integrated 
  the Company.                                            services for its clients, along 
                                                          with a robust balance sheet and 
                                                          good cash generation that enables 
                                                          ongoing investments in cutting-edge 
                                                          technology and innovation. 
 
 Samsung Electronics Pref                                CSL 
 A global leader in the memory chips                     An Australia-listed biopharmaceutical 
  segment, and a major player in smartphones              company that is a leader in the 
  and display panels. It has a vertically-integrated      global plasma products market. The 
  business model and robust balance                       company enjoys superior growth and 
  sheet, alongside good free cash flow                    returns because of its highly-efficient 
  generation. The Company owns preferred                  collection and processing system, 
  shares, which trade at a discount                       coupled with its commitment to research 
  to the ordinary shares.                                 and development. 
 
 Ping An Insurance                                       AIA Group 
 A conglomerate with one of the best                     A leading pan-Asian life insurance 
  life-insurance franchises in China.                     company, it is poised to take advantage 
  Its progressive management has demonstrated             of Asia's growing affluence, backed 
  an ability to deliver decent financial                  by an effective agency force and 
  performance within an ecosystem that                    a strong balance sheet. 
  is currently unrivalled. 
 
 Bank Central Asia                                       Ayala Land 
 Among the largest local private banks                   A leading property developer in 
  in Indonesia, it is well capitalised                    the Philippines with an attractive 
  with a large stable base of low-cost                    land bank, well-respected brand 
  deposits that funds its lending, while                  and expertise across residential, 
  asset quality remains solid.                            commercial and retail sectors. 
 

PORTFOLIO - OTHER INVESTMENTS

As at 30 April 2020

 
                                                                                     Valuation       Total   Valuation 
                                                                                          2020   assets(A)        2019 
 Company                          Industry                         Country             GBP'000           %     GBP'000 
 Aberdeen Standard SICAV 
  - China A Share Equity          Collective Investment 
  Fund (B)                         Scheme                          China                29,901         9.3      22,406 
                                  Interactive Media 
 Tencent Holdings                  & Services                      China                28,836         8.9      19,884 
 Aberdeen Standard SICAV          Collective Investment 
  - Indian Equity Fund (B)         Scheme                          India                26,880         8.3      40,673 
 Taiwan Semiconductor             Semiconductors 
  Manufacturing                    & Semiconductor 
  Company                          Equipment                       Taiwan               23,649         7.3      14,968 
                                  Technology Hardware 
 Samsung Electronics Pref          Storage & Peripherals           South Korea          22,920         7.1      16,385 
 CSL                              Biotechnology                    Australia            10,909         3.4       6,988 
 Ping An Insurance H Shares       Insurance                        China                10,453         3.2       9,345 
 AIA Group                        Insurance                        Hong Kong             8,631         2.7      10,575 
 Bank Central Asia                Banks                            Indonesia             8,210         2.5       9,740 
                                  Real Estate Management 
 Ayala Land                        & Development                   Philippines           7,463         2.3      10,412 
 Top ten investments                                                                   177,852        55.0 
                                  Real Estate Management 
 China Resources Land              & Development                   China                 7,403         2.3       7,602 
 Oversea-Chinese Banking 
  Corporation                     Banks                            Singapore             6,924         2.1       9,486 
                                  Life Sciences 
 Wuxi Biologics (Cayman)           Tools & Services                China                 6,407         2.0       3,460 
                                  Health Care Equipment 
 Cochlear                          & Supplies                      Australia             6,265         1.9       3,625 
 BHP Group (London listing)       Metals & Mining                  Australia             5,683         1.8       7,018 
 Hong Kong Exchanges & Clearing   Capital Markets                  Hong Kong             5,527         1.7       6,419 
 Jardine Strategic Holdings       Industrial Conglomerates         Hong Kong             5,464         1.7      11,984 
 Aberdeen New India Investment 
  Trust (B)                       Investment Trusts                India                 5,033         1.6       6,414 
                                  Construction 
 Anhui Conch Cement H Shares       Materials                       China                 4,435         1.4       3,329 
                                  Real Estate Management 
 Swire Properties                  & Development                   Hong Kong             4,219         1.3       5,907 
 Top twenty investments                                                                235,212        72.8 
                                  Semiconductors 
 ASML                              & Semiconductor                 Netherlands           3,962         1.2           - 
                                  Diversified Telecommunication 
 Singapore Telecommunication       Services                        Singapore             3,892         1.2       3,244 
 DBS Group Holdings               Banks                            Singapore             3,817         1.2       5,404 
                                  Construction 
 Siam Cement (Foreign)             Materials                       Thailand              3,628         1.1       6,586 
 LG Chem                          Chemicals                        South Korea           3,584         1.1       4,101 
 M.P. Evans Group                 Food Products                    United Kingdom        3,519         1.1       4,017 
                                  Hotels, Restaurants 
 Yum China Holdings                & Leisure                       China                 3,248         1.0       4,415 
 Keppel Corporation               Industrial Conglomerates         Singapore             3,148         1.0       5,133 
 Rio Tinto (London Listing)       Metals & Mining                  Australia             3,126         1.0       6,700 
                                  Electronic Equipment, 
                                   Instruments & 
 Venture Corp                      Components                      Singapore             3,115         1.0       3,348 
 Top thirty investments                                                                270,251        83.7 
                                  Transportation 
 Aukland International Airport     Infrastructure                  New Zealand           2,978         0.9           - 
                                  Air Freight & 
 Kerry Logistics Network           Logistics                       Hong Kong             2,906         0.9       3,667 
 John Keells Holdings             Industrial Conglomerates         Sri Lanka             2,783         0.9       3,839 
 Budweiser Brewing                Beverages                        Hong Kong             2,764         0.9           - 
 Vietnam Dairy Products           Food Products                    Vietnam               2,724         0.8       3,477 
                                  Internet & Direct 
 Meituan Dianping B                Marketing Retail                China                 2,559         0.8           - 
                                  Hotels, Restaurants 
 Aristocrat Leisure                & Leisure                       Australia             2,544         0.8           - 
                                  Wireless Telecommunication 
 Taiwan Mobile                     Services                        Taiwan                2,498         0.8       2,976 
 Astra International              Automobiles                      Indonesia             2,297         0.7       4,592 
                                  Interactive Media 
 58.com ADR                        & Services                      China                 2,293         0.7           - 
 Top forty investments                                                                 296,597        91.9 
                                  Real Estate Management 
 City Developments                 & Development                   Singapore             2,213         0.7       4,930 
 Xero                             Software                         New Zealand           2,047         0.6           - 
 Aberdeen Standard Asia 
  Focus (B)                       Investment Trusts                Other Asia            2,023         0.6       2,570 
 Mobile World                     Speciality Retail                Vietnam               1,841         0.6       1,862 
 Altium                           Software                         Australia             1,829         0.6           - 
                                  Wireless Telecommunication 
 China Mobile                      Services                        China                 1,780         0.6       3,535 
                                  Hotels, Restaurants 
 Huazhu Group ADR                  & Leisure                       China                 1,736         0.5       2,894 
 GDS ADS                          IT Services                      China                 1,617         0.5           - 
 Bangkok Dusit Medical Services   Health Care Providers 
  (Foreign)                        & Services                      Thailand              1,580         0.5       1,909 
                                  Semiconductors 
                                   & Semiconductor 
 ASM Pacific Technology            Equipment                       Hong Kong             1,545         0.5       2,690 
 Top fifty investments                                                                 314,808        97.6 
                                  Real Estate Management 
 CapitaLand                        & Development                   Singapore             1,477         0.5           - 
                                  Health Care Providers 
 Raffles Medical                   & Services                      Singapore             1,432         0.4       1,725 
                                  Real Estate Management 
 Yoma Strategic Holdings           & Development                   Myanmar                 691         0.2       1,134 
 DFCC Bank                        Banks                            Sri Lanka               479         0.1         628 
 Total investments                                                                     318,887        98.8 
 Net current assets(C)                                                                   4,042         1.2 
 Total assets(A)                                                                       322,929       100.0 
 
 (A) Alternative Performance Measure. 
 (B) Holding also managed by the Standard Life Aberdeen Group but not 
  subject to double charging of management fees. 
 (C) Excluding short-term bank loans of GBP13,693,000. 
 
 Note: Unless otherwise stated, foreign stock is held and all investments 
  are equity holdings. 
 

PORTFOLIO - CHANGES IN ASSET DISTRIBUTIONS

 
                              Value at                                              Value at 
                              30 April                    Sales     Appreciation/   30 April 
                                  2019    Purchases    proceeds    (depreciation)       2020 
 Country                       GBP'000      GBP'000     GBP'000           GBP'000    GBP'000 
 Australia                      25,864        8,521     (4,394)               365     30,356 
 China                          83,261       23,620    (11,868)             5,655    100,668 
 Hong Kong                      50,127        4,298    (13,862)           (9,507)     31,056 
 India                          47,087            -     (8,350)           (6,824)     31,913 
 Indonesia                      16,703            -     (2,489)           (3,707)     10,507 
 Malaysia                        3,013            -     (2,807)             (206)          - 
 Myanmar                         1,135            -           -             (444)        691 
 Netherlands                         -        3,133           -               829      3,962 
 New Zealand                         -        4,003           -             1,022      5,025 
 Other Asia                      2,571            -           -             (548)      2,023 
 Philippines                    10,412          755       (709)           (2,995)      7,463 
 Singapore                      36,900        3,200     (8,357)           (5,725)     26,018 
 South Korea                    22,432        5,238     (3,350)             2,184     26,504 
 Sri Lanka                       4,467            -        (53)           (1,152)      3,262 
 Taiwan                         17,944        4,413       (531)             4,321     26,147 
 Thailand                        8,495            -     (1,338)           (1,949)      5,208 
 United Kingdom                  7,669            -     (3,152)             (998)      3,519 
 Vietnam                         5,339            -           -             (774)      4,565 
                              ________     ________    ________          ________   ________ 
 Total investments             343,419       57,181    (61,260)          (20,453)    318,887 
 Net current assets (A)          4,241            -           -             (199)      4,042 
                              ________     ________    ________          ________   ________ 
 Total assets less current 
  liabilities                  347,660       57,181    (61,260)          (20,652)    322,929 
                              ________     ________    ________          ________   ________ 
 
 (A) Excluding short-term bank loans of GBP13,693,000 (2019 - GBP13,311,000). 
 

DIRECTORS' REPORT (EXTRACT)

The Directors present their report and the audited financial statements for the year ended 30 April 2020.

Results and Dividends

The financial statements for the year ended 30 April 2020 are contained below. An interim dividend of 1.0p per Ordinary share was paid on 31 January 2020 and the Board recommends a final dividend of 3.3p per Ordinary share, payable on 11 September 2020 to shareholders on the register on 7 August 2020. The relevant ex-dividend date is 6 August 2020. A resolution in respect of the final dividend will be proposed at the forthcoming Annual General Meeting.

Investment Trust Status

The Company is registered as a public limited company (registered in England and Wales No. 02377879) and is an investment company within the meaning of Section 833 of the Companies Act 2006. The Company has been approved by HM Revenue & Customs as an investment trust subject to it continuing to meet the relevant eligibility conditions of Section 1158 of the Corporation Tax Act 2010 and the ongoing requirements of Part 2 Chapter 3 Statutory Instrument 2011/2999 for all financial years commencing on or after 1 May 2012. The Directors are of the opinion that the Company has conducted its affairs for the year ended 30 April 2020 so as to enable it to comply with the ongoing requirements for investment trust status.

Individual Savings Accounts

The Company has conducted its affairs in such a way as to satisfy the requirements as a qualifying security for Individual Savings Accounts. The Directors intend that the Company will continue to conduct its affairs in this manner.

Capital Structure

The issued Ordinary share capital at 30 April 2020 consisted of 110,571,348 Ordinary shares of 5p and 9,658,101 shares held in treasury. During the year the Company purchased 1,270,000 Ordinary shares to be held in treasury. Since the end of the year, it has purchased a further -- Ordinary shares to be held in treasury. At the date of approval of this Report there were -- Ordinary shares of 5p in issue and -- shares held in treasury.

Voting Rights

Each Ordinary shareholder is entitled to one vote on a show of hands at a general meeting of the Company and, on a poll, to one vote for every share held. The Ordinary shares, excluding treasury shares, carry a right to receive dividends. On a winding up or other return of capital, after meeting the liabilities of the Company, the surplus assets will be paid to Ordinary shareholders in proportion to their shareholdings.

There are no restrictions on the transfer of Ordinary shares in the Company other than certain restrictions which may from time to time be imposed by law.

Management Agreement

The Company has appointed Aberdeen Standard Fund Managers Limited ("ASFML"), a wholly owned subsidiary of Standard Life Aberdeen plc, as its alternative investment fund manager. ASFML has been appointed to provide investment management, risk management, administration and company secretarial services and promotional activities to the Company. The Company's portfolio is managed by Aberdeen Standard Investments (Asia) Limited ("ASI Asia") by way of a group delegation agreement in place between ASFML and ASI Asia. In addition, ASFML has sub-delegated promotional activities to Aberdeen Asset Managers Limited and administration and company secretarial services to Aberdeen Asset Management PLC. Details of the management fee and fees payable for promotional activities are shown in notes 4 and 5 to the financial statements.

The management agreement is terminable on not less than 12 months' notice. In the event of termination by the Company on less than the agreed notice period, compensation is payable to the Manager in lieu of the unexpired notice period.

Substantial Interests

At 30 April 2020 the following interests in the issued Ordinary share capital of the Company had been disclosed in accordance with the requirements of the FCA's Disclosure Guidance and Transparency Rules ("DTR"):

 
Shareholder                         Number 
                               of Ordinary     % held(B) 
                                    shares 
                                      held 
City of London Investment 
 Management Company             18,542,266          16.8 
Aberdeen Standard 
 Investment Trust Share 
 Plans(A)                        8,825,726           8.0 
Derbyshire County 
 Council                         7,780,000           7.0 
Wells Capital Management         7,779,095           7.0 
Quilter Cheviot Investment 
 Management                      5,436,921           4.9 
1607 Capital Partners 
 LLC                             4,770,786           4.3 
 

(A) Non-beneficial interest

(B) Based on 110,571,348 Ordinary shares in issue as at 30 April 2020

Since the year end the following changes have been notified to the Company: City of London Investment Management 19,978,983 Ordinary shares (18.1%); Wells Capital Management 8,513,933 Ordinary shares (7.7%); Derbyshire County Council 6,426,000 Ordinary shares (5.8%). There have been no other changes notified to the Company as at the date of approval of this Report.

Corporate Governance

The Company is committed to high standards of corporate governance. The Board is accountable to the Company's shareholders for good governance and this statement describes how the Company has applied the principles identified in the UK Corporate Governance Code as published in July 2018 (the "UK Code"), which is available on the Financial Reporting Council's (the "FRC") website: frc.org.uk.

The Board has also considered the principles and provisions of the AIC Code of Corporate Governance as published in February 2019 (the "AIC Code"). The AIC Code addresses the principles and provisions set out in the UK Code, as well as setting out additional provisions on issues that are of specific relevance to the Company. The AIC Code is available on the AIC's website: theaic.co.uk.

The Board considers that reporting against the principles and provisions of the AIC Code, which has been endorsed by the FRC, provides more relevant information to shareholders.

The Board confirms that, during the year, the Company complied with the principles and provisions of the AIC Code and the relevant provisions of the UK Code, except as set out below.

The UK Code includes provisions relating to:

   -     interaction with the workforce (provisions 2, 5 and 6); 
   -     the role and responsibility of the chief executive (provisions 9 and 14); 
   -     the need for the Company to have its own internal audit function (provision 25); 
   -     previous experience of the chairman of a remuneration committee (provision 32); and 
   -     executive directors' remuneration (provisions 33 and 36 to 40). 

The Board considers that these provisions are not relevant to the position of the Company, being an externally managed investment company. In particular, all of the Company's day-to-day management and administrative functions are outsourced to third parties. As a result, the Company has no executive directors, employees or internal operations. The Company has therefore not reported further in respect of these provisions.

The Company has also been non-compliant with Provision 12 of the UK Code which states that the Board should appoint a Senior Independent Director ("SID"). The Board had previously considered whether a SID should be appointed and had concluded that, given the size of the Board and the fact that it is comprised entirely of non-executive Directors, the appointment of a SID was unnecessary. During the year, the main functions of the SID were conducted by Mr Lorimer, as Chairman of the Audit and Risk Committee.

Since the appointment of the new Chairman and the implementation of the UK Code, the Board has reviewed the balance of responsibilities within the Board and, in particular, the requirement to appoint a SID. As a result of that review and in light of the Company's desire to adhere as closely as possible with the principles of corporate governance, the Board has resolved to appoint Ms Sears as the SID with effect from the close of the Annual General Meeting on 2 September 2020.

Full details of the Company's compliance with the AIC Code can be found on its website.

Directors

Mr Souchon was appointed a Director on 1 October 2019 and at the year end the Board comprised six Directors, consisting of a non-executive Chairman and five non-executive Directors. All Directors, with the exception of Mr Young, are considered by the Board to be independent and free of any material relationship with the Standard Life Aberdeen Group. Mr Young is a director of various entities connected with, or within, the Standard Life Aberdeen Group and, as such, is not considered to be independent. Mr Shearer retired as a Director on 4 September 2019.

Directors attended scheduled Board and Committee meetings during the year ended 30 April 2020 as shown in the table below (with their eligibility to attend the relevant meeting in brackets).

 
                                           Audit   Nomination Committee            Management 
  Director           Board    and Risk Committee               Meetings            Engagement 
                  Meetings              Meetings                           Committee Meetings 
D Workman(A)         6 (6)                 1 (1)                  2 (2)                 1 (1) 
J Lorimer            6 (6)                 2 (2)                  2 (2)                 1 (1) 
S Rippingall         6 (6)                 2 (2)                  2 (2)                 1 (1) 
M Sears              6 (6)                 2 (2)                  2 (2)                 1 (1) 
D Shearer            2 (2)                 1 (1)                  1 (1)                 1 (1) 
S Souchon            4 (4)                 1 (1)                  1 (1)                 - (-) 
H Young(B)           6 (6)                 - (-)                  2 (2)                 - (-) 
 

(A) Mr Workman is not a member of the Audit and Risk Committee, although he attends by invitation.

   (B)        Mr Young is not a member of the Audit and Risk or Management Engagement Committees. 

The Board meets more frequently when business needs require.

The Company's Articles of Association require that Directors must retire and be subject to election at the first Annual General Meeting after their appointment, and that one third of the Directors retire by rotation at each Annual General Meeting, and that any Director who was not elected or re-elected at one of the preceding two Annual General Meetings also retires by rotation at the Annual General Meeting. However, the Board has decided that, notwithstanding the provisions of the Articles of Association, all Directors will retire at each Annual General Meeting and, if eligible, may seek re-election. Accordingly, Mr Souchon will stand for election at the Annual General Meeting and each of Mr Workman and Mr Young, Ms Rippingall and Ms Sears will retire and seek re-election. As explained in the Chairman's Statement, Mr Lorimer will retire as a Director at the Annual General Meeting and is not seeking re-election.

The Board believes that, except for Mr Young, all the Directors seeking election/re-election remain independent of the Manager and free from any relationship which could materially interfere with the exercise of their judgement on issues of strategy, performance, resources and standards of conduct. The Board believes that each Director has the requisite high level and range of business, investment and financial experience which enables the Board to provide clear and effective leadership and proper governance of the Company. Following formal performance evaluations, each Director's performance continues to be effective and demonstrates commitment to the role, and their individual performances contribute to the long-term sustainable success of the Company. The Board therefore recommends the election/re-election of each of the Directors at the Annual General Meeting.

Board's Policy on Tenure

In normal circumstances, it is the Board's expectation that Directors will not serve beyond the Annual General Meeting following the ninth anniversary of their appointment. However, the Board takes the view that independence of individual Directors is not necessarily compromised by length of tenure on the Board and that continuity and experience can add significantly to the Board's strength. The Board believes that recommendation for re-election should be on an individual basis following a rigorous review which assesses the contribution made by the Director concerned, but also taking into account the need for regular refreshment and diversity.

It is the Board's policy that the Chairman of the Board will not serve as a Director beyond the Annual General Meeting following the ninth anniversary of his appointment to the Board. However, this may be extended in certain circumstances or to facilitate effective succession planning and the development of a diverse Board. In such a situation the reasons for the extension will be fully explained to shareholders and a timetable for the departure of the Chairman clearly set out.

The Role of the Chairman and Senior Independent Director

The Chairman is responsible for providing effective leadership to the Board, by setting the tone of the Company, demonstrating objective judgement and promoting a culture of openness and debate. The Chairman facilitates the effective contribution and encourages active engagement by each Director. In conjunction with the Company Secretary, the Chairman ensures that Directors receive accurate, timely and clear information to assist them with effective decision-making. The Chairman acts upon the results of the Board evaluation process by recognising strengths and addressing any weaknesses and also ensures that the Board engages with major shareholders and that all Directors understand shareholder views.

The Senior Independent Director acts as a sounding board for the Chairman and acts as an intermediary for other Directors, when necessary. Working closely with the Nomination Committee, the Senior Independent Director takes responsibility for an orderly succession process for the Chairman, and leads the annual appraisal of the Chairman's performance. The Senior Independent Director is also available to shareholders to discuss any concerns they may have.

Directors' and Officers' Liability Insurance

The Company's Articles of Association indemnify each of the Directors out of the assets of the Company against any liabilities incurred by them as a Director of the Company in defending proceedings, or in connection with any application to the Court in which relief is granted. In addition, the Directors have been granted qualifying indemnity provisions by the Company which are currently in force. Directors' and Officers' liability insurance cover has been maintained throughout the year at the expense of the Company.

Management of Conflicts of Interest

The Board has a procedure in place to deal with a situation where a Director has a conflict of interest. As part of this process, each Director prepares a list of other positions held and all other conflict situations that may need to be authorised either in relation to the Director concerned or his or her connected persons. The Board considers each Director's situation and decides whether to approve any conflict, taking into consideration what is in the best interests of the Company and whether the Director's ability to act in accordance with his or her wider duties is affected. Each Director is required to notify the Company Secretary of any potential or actual conflict situations that will need authorising by the Board. Authorisations given by the Board are reviewed at each Board meeting.

No Director has a service contract with the Company although all Directors are issued with letters of appointment.

The Company has a policy of conducting its business in an honest and ethical manner. The Company takes a zero-tolerance approach to bribery and corruption and has procedures in place that are proportionate to the Company's circumstances to prevent them. The Manager also adopts a group-wide zero-tolerance approach and has its own detailed policy and procedures in place to prevent bribery and corruption. Copies of the Manager's anti-bribery and corruption policies are available on its website.

In relation to the corporate offence of failing to prevent tax evasion, it is the Company's policy to conduct all business in an honest and ethical manner. The Company takes a zero-tolerance approach to facilitation of tax evasion whether under UK law or under the law of any foreign country and is committed to acting professionally, fairly and with integrity in all its business dealings and relationships.

Board Committees

The Board has appointed a number of Committees, as set out below. Copies of their terms of reference, which clearly define the responsibilities and duties of each Committee, are available on the Company's website, or upon request from the Company Secretary. The terms of reference of each of the Committees are reviewed and re-assessed by the Board for their adequacy on an ongoing basis.

Management Engagement Committee

The Management Engagement Committee comprises five independent Directors: Mr Lorimer (Chairman), Ms Rippingall, Ms Sears, Mr Souchon and Mr Workman. The Committee reviews the performance of the Manager and the terms of the management agreement, including the management fee, at least once a year. The Committee also keeps the resources of the Standard Life Aberdeen Group under review, together with its commitment to the Company and its investment trust business. In addition, the Committee conducts an annual review of the performance, terms and conditions of the Company's main third party suppliers.

Following the retirement of Mr Lorimer at the Annual General Meeting on 2 September 2020, Mr Workman will be appointed as Chairman of the Management Engagement Committee.

The Board remains satisfied that the continuing appointment of the Manager on the terms agreed is in the interests of shareholders as a whole. The key factors taken into account in reaching this decision are the long-term performance of the portfolio and the investment skills and experience of the Manager, together with the quality of other services provided, including marketing and investor relations, company secretarial and administration, and the commitment of the Manager to its investment trust business.

Nomination Committee

The Nomination Committee comprises the entire Board and is chaired by Mr Workman. The Committee conducts Board evaluations, reviews the structure of the Board and gives consideration to succession planning.

During the year, the Committee undertook an annual appraisal of the Chairman of the Board, individual Directors and the performance of Committees and the Board as a whole . This process involved the completion of questionnaires by each Director and follow-on discussions between the Chairman and each Director. The appraisal of the Chairman was undertaken by the Chairman of the Audit and Risk Committee . The results of the process were discussed by the Board following its completion, with appropriate action points made.

The Committee considers succession planning on at least an annual basis. Potential new Directors are identified against the requirements of the Company's business and the need to have a balance of skills, experience, independence, diversity and knowledge of the Company within the Board.

As stated above, Mr Souchon was appointed as a Director on 1 October 2019. The Board engaged the services of an independent search consultant, Ridgeway Partners, for the purposes of this appointment. Ridgeway Partners does not have any other connections with the Company or individual Directors.

Going Concern

The Company's assets consist substantially of equity shares in companies listed on recognised stock exchanges and in most circumstances, including in the current market environment, are realisable within a short timescale. The Board has set limits for borrowing and regularly reviews cash flow projections and compliance with banking covenants, including the headroom available. The Company has two loan facilities which expire in December 2021 and December 2023 respectively.

Having taking these factors into account, as well as the impact on the Company of the spread of the COVID-19 virus, the Directors believe that, after making enquiries, the Company has adequate resources to continue in operational existence for the foreseeable future and has the ability to meet its financial obligations as they fall due for a period of at least twelve months from the date of approval of this Report. Accordingly, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Accountability and Audit

Each Director confirms that, so far as he or she is aware, there is no relevant audit information of which the Company's Auditor is unaware, and they have taken all the steps that they could reasonably be expected to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company's Auditor is aware of that information.

Independent Auditor

The Company's Auditor, Ernst & Young LLP, has indicated its willingness to remain in office. The Board will place resolutions before the Annual General Meeting to re-appoint Ernst & Young LLP as Auditor for the ensuing year and to authorise the Directors to determine its remuneration.

Relations with Shareholders

The Directors place a great deal of importance on communication with shareholders. Shareholders and investors may obtain up to date information on the Company through its website and the Manager's Customer Services Department.

The Board's policy is to communicate directly with shareholders and their representative bodies without the involvement of the management group (including the Company Secretary or the Manager) in situations where direct communication is required, and representatives from the Board and Manager meet with major shareholders on at least an annual basis in order to gauge their views. In addition, the Company Secretary only acts on behalf of the Board, not the Manager, and there is no filtering of communication.

At each Board meeting the Board receives full details of any communication from shareholders to which the Chairman responds personally as appropriate.

The Notice of the Annual General Meeting is sent out at least 20 working days in advance of the meeting. All shareholders have the opportunity to put questions to the Board and Manager at the meeting This year, there is also the opportunity to email questions to the Board and the Manager in advance of the Annual General Meeting at: new.dawn@aberdeenstandard.com .

The Company has adopted a nominee code, which ensures that, when shares in the Company are held in the name of nominee companies and notification has been received in advance, nominee companies will be provided with copies of shareholder communications for distribution to their investors. Nominee investors may attend and speak at general meetings.

Participants in the Aberdeen Standard Investments Children's Plan, Share Plan and ISA, whose shares are held in the nominee name of the plan administrator, are given the opportunity to vote at the Annual General Meeting by means of a Letter of Direction enclosed with the Annual Report. When forwarded to the plan administrator, the voting instructions given in the Letter of Direction will in turn be reflected in the proxy votes lodged by the plan administrator.

Annual General Meeting

The Annual General Meeting will be held at the offices of Standard Life Aberdeen plc, Bow Bells House, 1 Bread Street, London EC4M 9HH on 2 September 2020 at 12 noon. This year, due to the uncertainties caused by the COVID-19 pandemic and, in particular, the restrictions on public gatherings and requirement to socially distance, it is likely that the Annual General Meeting will be held on a functional only basis, satisfying the minimum legal requirements. Instead, shareholders are encouraged to submit questions to the Board and the Manager. Further details can be found in the Chairman's Statement.

By order of the Board

Aberdeen Asset Management PLC

Company Secretary

1 July 2020

STATEMENT OF COMPREHENSIVE INCOME

 
                                               Year ended 30 April            Year ended 30 April 
                                                       2020                           2019 
                                          Revenue    Capital      Total   Revenue   Capital     Total 
                                  Notes   GBP'000    GBP'000    GBP'000   GBP'000   GBP'000   GBP'000 
 (Losses)/gains on investments     10           -   (20,453)   (20,453)         -    11,628    11,628 
 Income                             3       7,738          -      7,738     7,442         -     7,442 
 Management fee                     4       (927)      (927)    (1,854)     (902)     (902)   (1,804) 
 Administrative expenses            5       (763)          -      (763)     (839)         -     (839) 
 Exchange losses                                -      (477)      (477)         -   (1,745)   (1,745) 
                                          _______    _______     ______   _______    ______   _______ 
 Net return before finance 
  costs and taxation                        6,048   (21,857)   (15,809)     5,701     8,981    14,682 
 
 Finance costs                      6       (460)      (460)      (920)     (422)     (422)     (844) 
                                          _______    _______     ______   _______    ______   _______ 
 Return before taxation                     5,588   (22,317)   (16,729)     5,279     8,559    13,838 
 
 Taxation                           7       (463)          -      (463)     (429)         -     (429) 
                                          _______    _______     ______   _______    ______   _______ 
 Return after taxation                      5,125   (22,317)   (17,192)     4,850     8,559    13,409 
                                          _______    _______     ______   _______    ______   _______ 
 
 Return per Ordinary share 
  (pence)                           9        4.61    (20.06)    (15.45)      4.30      7.58     11.88 
                                          _______    _______     ______   _______    ______   _______ 
 
 The total column of this statement represents the profit and loss account 
  of the Company. 
 The Company does not have any income or expense that is not included 
  in "Return after taxation" and therefore this represents the "Total comprehensive 
  income for the year". 
 All revenue and capital items are derived from continuing operations. 
 The accompanying notes are an integral part of the financial statements. 
 

STATEMENT OF FINANCIAL POSITION

 
                                                           As at       As at 
                                                        30 April    30 April 
                                                            2020        2019 
                                               Notes     GBP'000     GBP'000 
 Fixed assets 
 Investments at fair value through profit 
  or loss                                       10       318,887     343,419 
                                                       _________   _________ 
 Current assets 
 Debtors                                        11         1,221         926 
 Cash at bank and in hand                                  3,647       3,853 
                                                       _________   _________ 
                                                           4,868       4,779 
                                                       _________   _________ 
 Creditors: amounts falling due within 
  one year                                      12 
 Loans                                                  (13,693)    (13,311) 
 Other creditors                                           (826)       (538) 
                                                       _________   _________ 
                                                        (14,519)    (13,849) 
                                                       _________   _________ 
 Net current liabilities                                 (9,651)     (9,070) 
                                                       _________   _________ 
 Total assets less current liabilities                   309,236     334,349 
 
 Non-current creditors                          12 
 Loans                                                  (19,951)    (19,938) 
                                                       _________   _________ 
 Net assets                                              289,285     314,411 
                                                       _________   _________ 
 Share capital and reserves 
 Called-up share capital                        13         6,011       6,011 
 Share premium account                                    17,955      17,955 
 Capital redemption reserve                               10,543      10,543 
 Capital reserve                                14       241,342     266,798 
 Revenue reserve                                          13,434      13,104 
                                                       _________   _________ 
 Equity shareholders' funds                              289,285     314,411 
                                                       _________   _________ 
 Net asset value per Ordinary share (pence)     15        261.63      281.12 
                                                       _________   _________ 
 

The accompanying notes are an integral part of the financial statements.

STATEMENT OF CHANGES IN EQUITY

 
 For the year ended 30 
  April 2020 
                                            Share      Capital 
                                Share     premium   redemption    Capital    Revenue 
                              capital     account      reserve    reserve    reserve      Total 
                              GBP'000     GBP'000      GBP'000    GBP'000    GBP'000    GBP'000 
 Balance at 30 April 2019       6,011      17,955       10,543    266,798     13,104    314,411 
 Buy back of Ordinary 
  shares for treasury               -           -            -    (3,139)          -    (3,139) 
 Return after taxation              -           -            -   (22,317)      5,125   (17,192) 
 Dividends paid (see note 
  8)                                -           -            -          -    (4,795)    (4,795) 
                             ________   _________    _________   ________   ________   ________ 
 Balance at 30 April 2020       6,011      17,955       10,543    241,342     13,434    289,285 
                             ________   _________    _________   ________   ________   ________ 
 
 For the year ended 30 
  April 2019 
                                            Share      Capital 
                                Share     premium   redemption    Capital    Revenue 
                              capital     account      reserve    reserve    reserve      Total 
                              GBP'000     GBP'000      GBP'000    GBP'000    GBP'000    GBP'000 
 Balance at 30 April 2018       6,152      17,955       10,402    264,189     13,118    311,816 
 Buy back of Ordinary 
  shares for treasury               -           -            -    (5,950)          -    (5,950) 
 Cancellation of Ordinary 
  shares held in treasury       (141)           -          141          -          -          - 
 Return after taxation              -           -            -      8,559      4,850     13,409 
 Dividends paid (see note 
  8)                                -           -            -          -    (4,864)    (4,864) 
                             ________   _________    _________   ________   ________   ________ 
 Balance at 30 April 2019       6,011      17,955       10,543    266,798     13,104    314,411 
                             ________   _________    _________   ________   ________   ________ 
 
 The revenue reserve represents the amount of the Company's reserves distributable 
  by way of dividend. 
 The accompanying notes are an integral part of the financial statements. 
 

STATEMENT OF CASHFLOWS

 
                                                     Year ended   Year ended 
                                                       30 April     30 April 
                                                           2020         2019 
                                             Notes      GBP'000      GBP'000 
 Operating activities 
 Net return before finance costs and 
  taxation                                             (15,809)       14,682 
 Adjustment for: 
 Losses/(gains) on investments                           20,453     (11,628) 
 Currency losses                                            477        1,745 
 Dividend income                                        (7,722)      (7,433) 
 Dividend income received                                 7,814        7,796 
 Interest income                                           (16)          (9) 
 Interest income received                                    17            9 
 Decrease/(increase) in other debtors                        17         (13) 
 Increase in other creditors                                 20          181 
 Stock dividends included in investment 
  income                                                  (548)        (358) 
 Overseas withholding tax                                 (573)        (487) 
                                                      _________    _________ 
 Net cash flow from operating activities                  4,130        4,485 
 
 Investing activities 
 Purchases of investments                              (56,360)     (57,373) 
 Sales of investments                                    60,966       60,492 
                                                      _________    _________ 
 Net cash from investing activities                       4,606        3,119 
 
 Financing activities 
 Equity dividends paid                         8        (4,795)      (4,864) 
 Interest paid                                            (913)        (778) 
 Buy back of Ordinary shares for treasury               (3,139)      (6,056) 
 Loan repayment                                         (5,000)     (28,074) 
 Loan drawdown                                            5,000       32,032 
                                                      _________    _________ 
 Net cash used in financing activities                  (8,847)      (7,740) 
                                                      _________    _________ 
 Decrease in cash                                         (111)        (136) 
                                                      _________    _________ 
 Analysis of changes in cash during the 
  year 
 Opening balance                                          3,853        4,507 
 Effect of exchange rate fluctuations 
  on cash held                                             (95)        (518) 
 Decrease in cash as above                                (111)        (136) 
                                                      _________    _________ 
 Closing balances                                         3,647        3,853 
                                                      _________    _________ 
 

The accompanying notes are an integral part of the financial statements.

NOTES TO THE FINANCIAL STATEMENTS:

For the year ended 30 April 2020

 
 1.   Principal activity . The Company is a closed-end investment company, 
       registered in England & Wales No 02377879, with its Ordinary shares 
       being listed on the London Stock Exchange. 
 
 
 2.   Accounting policies 
      (a)   Basis of accounting. The financial statements have been prepared 
             in accordance with Financial Reporting Standard 102 and with 
             the Statement of Recommended Practice 'Financial Statements 
             of Investment Trust Companies and Venture Capital Trusts' (the 
             "SORP") issued in October 2019. The financial statements are 
             prepared in sterling which is the functional currency of the 
             Company and rounded to the nearest GBP'000. They have also been 
             prepared on the assumption that approval as an investment trust 
             will continue to be granted by HMRC. 
            The Company's assets consist substantially of equity shares 
             in companies listed on recognised stock exchanges and in most 
             circumstances, including in the current market environment, 
             are realisable within a short timescale. The Board has set limits 
             for borrowing and regularly reviews cash flow projections and 
             compliance with banking covenants, including the headroom available. 
             The Company has two loan facilities which expire in December 
             2021 and December 2023. Having taking these factors into account, 
             as well as the impact of Covid-19 and having assessed the principal 
             risks and other matters set out in the Viability Statement, 
             the Directors believe that, after making enquiries, the Company 
             has adequate resources to continue in operational existence 
             for the foreseeable future and has the ability to meet its financial 
             obligations as they fall due for a period of at least twelve 
             months from the date of approval of this Report. Accordingly, 
             they continue to adopt the going concern basis of accounting 
             in preparing the financial statements. 
            The Company's investments and borrowings are made in a number 
             of currencies, however the Board considers the Company's functional 
             currency to be Sterling. In arriving at this conclusion, the 
             Board considered that the shares of the Company are listed on 
             the London Stock Exchange, it is regulated in the United Kingdom, 
             principally having its shareholder base in the United Kingdom, 
             pays dividends and expenses in Sterling. Consequently, the Board 
             also considers the Company's presentational currency to be Sterling. 
            Significant accounting judgements, estimates and assumptions. 
             The preparation of financial statements requires the use of 
             certain significant accounting judgements, estimates and assumptions 
             which requires management to exercise its judgement in the process 
             of applying the accounting policies and are continually evaluated. 
             The Directors do not consider there to be any significant estimates 
             within the financial statements. 
      (b)   Valuation of investments. Listed investments have been designated 
             upon initial recognition as fair value through profit or loss. 
             Investments are recognised and de-recognised on the trade date 
             at cost. Subsequent to initial recognition, investments are 
             valued at fair value which for listed investments is deemed 
             to be bid market prices. The fair value of the Company's investments 
             in collective investment schemes has been determined by reference 
             to their quoted net asset values. Gains and losses arising from 
             changes in fair value are included as a capital item in the 
             Statement of Comprehensive Income and are ultimately recognised 
             in the capital reserve. 
      (c)   Income. Dividends, including taxes deducted at source, are 
             included in revenue by reference to the date on which the investment 
             is quoted ex-dividend. Special dividends are reviewed on a case-by-case 
             basis and may be credited to capital, if circumstances dictate. 
             Dividends receivable on equity shares where no ex-dividend date 
             is quoted are brought into account when the Company's right 
             to receive payment is established. Fixed returns on non-equity 
             shares are recognised on a time apportioned basis so as to reflect 
             the effective yield on shares. Other returns on non-equity shares 
             are recognised when the right to return is established. Where 
             the Company has elected to receive its dividends in the form 
             of additional shares rather than cash, the amount of the cash 
             dividend is recognised as revenue. Any excess in the value of 
             the shares received over the amount of the cash dividend is 
             recognised as capital. Interest receivable on bank balances 
             is dealt with on an accruals basis. 
      (d)   Expenses. All expenses are accounted for on an accruals basis. 
             Expenses are charged through the revenue column of the Statement 
             of Comprehensive Income except as follows: 
 
              *    expenses directly relating to the acquisition or 
                   disposal of an investment, which are charged to the 
                   capital column of the Statement of Comprehensive 
                   Income and are separately identified and disclosed in 
                   note 10; and 
 
              *    the Company charges 50% of investment management fees 
                   and finance costs to the capital column of the 
                   Statement of Comprehensive Income, in accordance with 
                   the Board's expected long term return in the form of 
                   capital gains and income respectively from the 
                   investment portfolio of the Company. 
      (e)   Taxation. The tax payable is based on the taxable profit for 
             the year. Taxable profit differs from net profit as reported 
             in the Statement of Comprehensive Income because it excludes 
             items of income or expenditure that are taxable or deductible 
             in other years and it further excludes items that are never 
             taxable or deductible (see note 7 for a more detailed explanation). 
            Deferred taxation is provided on all timing differences, that 
             have originated but not reversed at the Statement of Financial 
             Position date, where transactions or events that result in an 
             obligation to pay more or a right to pay less tax in future 
             have occurred at the Statement of Financial Position date, measured 
             on an undiscounted basis and based on enacted tax rates. This 
             is subject to deferred tax assets only being recognised if it 
             is considered more likely than not that there will be suitable 
             profits from which the future reversal of the underlying timing 
             differences can be deducted. Timing differences are differences 
             arising between the Company's taxable profits and its results 
             as stated in the accounts which are capable of reversal in one 
             or more subsequent periods. Due to the Company's status as an 
             investment trust company, and the intention to continue to meet 
             the conditions required to obtain approval for the foreseeable 
             future, the Company has not provided deferred tax on any capital 
             gains and losses arising on the revaluation or disposal of investments. 
      (f)   Foreign currencies. Assets and liabilities in foreign currencies 
             are translated at the rates of exchange ruling on the Statement 
             of Financial Position date. Transactions involving foreign currencies 
             are converted at the rate ruling on the date of the transaction. 
             Gains and losses on the realisation of foreign currencies are 
             recognised in the Statement of Comprehensive Income as capital 
             or revenue, depending upon their nature. 
      (g)   Dividends payable. Final dividends are recognised from the 
             date on which they are declared and approved by shareholders. 
             Interim dividends are recognised when paid. 
      (h)   Nature and purpose of reserves 
            Called up share capital. The Ordinary share capital on the 
             Statement of Financial Position relates to the number of shares 
             in issue and in treasury. Only when the shares are cancelled, 
             either from treasury or directly, is a transfer made to the 
             capital redemption reserve. 
            Share premium account. The balance classified as share premium 
             includes the premium above nominal value from the proceeds on 
             issue of any equity share capital comprising Ordinary shares 
             of 5p. This is not a distributable reserve. 
            Capital redemption reserve. The capital redemption reserve 
             is used to record the amount equivalent to the nominal value 
             of any of the Company's own shares purchased and cancelled in 
             order to maintain the Company's capital. This is not a distributable 
             reserve. 
            Capital reserve. Gains or losses on disposal of investments 
             and changes in fair values of investments are transferred to 
             the capital reserve. The capital element of the management fee 
             and relevant finance costs are charged to this reserve. Any 
             associated tax relief is also credited to this reserve. The 
             costs of share buybacks to be held in treasury have also been 
             deducted from this reserve. 
            Revenue reserve. This reserve reflects all income and costs 
             which are recognised in the revenue column of the Statement 
             of Comprehensive Income. The revenue reserve represents the 
             amount of the Company's reserves distributable by way of dividend. 
      (i)   Borrowings. Bank loans are initially recognised at cost, being 
             the fair value of the consideration received, net of any issue 
             expenses. Subsequently, they are measured at amortised cost 
             using the effective interest method. Finance charges are accounted 
             for on an accruals basis using the effective interest rate method 
             and are charged 50% to revenue and 50% to capital. 
 
 
 3.    Income 
                                      2020       2019 
                                   GBP'000    GBP'000 
       Income from investments 
  UK dividend income                 1,054      1,350 
  Overseas dividends                 6,120      5,725 
  Scrip dividends                      548        358 
                                  ________   ________ 
                                     7,722      7,433 
                                  ________   ________ 
       Other income 
  Deposit interest                      16          9 
                                  ________   ________ 
  Total income                       7,738      7,442 
                                  ________   ________ 
 
 
 4.    Management fee 
                                         2020                              2019 
                              Revenue    Capital      Total    Revenue    Capital      Total 
                              GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000 
  Management fee                  927        927      1,854        902        902      1,804 
                               ______     ______     ______     ______     ______     ______ 
 
  Management services are provided by Aberdeen Standard Fund Managers 
   Limited ("ASFML"). 
  The management fee is payable monthly in arrears based on an annual 
   rate of 0.85% of the net asset value of the Company valued monthly, 
   with the following provisions for commonly managed funds: 
 
    *    the Company's investments in Aberdeen Standard SICAV 
         - Indian Equity Fund, Aberdeen Standard Asia Focus 
         Investment Trust PLC and Aberdeen New India 
         Investment Trust PLC are excluded from the 
         calculation of the investment management fee. The 
         Company's investment in Aberdeen Standard SICAV - 
         China A Share Equity Fund is held in a share class 
         not subject to management charges at a fund level and 
         the Manager is therefore entitled to a fee on the 
         value of the Company's investment. The total value of 
         such commonly managed funds, on a bid price basis 
         (basis on which management fee is calculated), at the 
         year end was GBP63,837,000 (2019 - bid basis - 
         GBP72,063,000). 
 
    *    the Company receives a rebate from the Manager for 
         the amount of fees in excess of 0.85% of net assets 
         charged by the Manager for any commonly managed fund. 
  The balance due to ASFML at the year end, net of any rebates was 
   GBP306,000 (2019 - GBP311,000). 
  The agreement is terminable by either party on not less than twelve 
   months' notice to the other. In the event of termination by the Company 
   on less than the agreed notice period, compensation is payable to 
   the Manager in lieu of the unexpired notice period. 
 
 
 5.    Administrative expenses 
                                                                          2020       2019 
                                                                       GBP'000    GBP'000 
  Promotional activities                                                   146        152 
  Directors' fees                                                          143        132 
  Safe custody fees                                                        136        132 
       Auditor's remuneration: 
 
    *    fees payable to the Company's Auditor for the audit 
         of the Company's annual financial statements                       22         20 
 
    *    fees payable to the Company's Auditor for the review 
         of the Company's half yearly financial statements                   6          5 
 
    *    fees payable to the Company's Auditor for iXBRL 
         tagging services                                                    -          2 
  Other administration expenses                                            310        396 
                                                                      ________   ________ 
                                                                           763        839 
                                                                      ________   ________ 
 
  The Company has an agreement with ASFML for the provision of promotional 
   activities. The total fees payable during the year were GBP146,000 
   (2019 - GBP152,000) and the sum due to ASFML at the year end was 
   GBP52,000 (2019 - GBP47,000). 
  The Company does not have any employees and no pension contributions 
   were made in respect of any of the Directors. 
  With the exception of Auditor's remuneration, all of the expenses 
   above include irrecoverable VAT where applicable. 
 
 
 6.    Finance costs 
                                            2020                          2019 
                                 Revenue   Capital     Total   Revenue   Capital     Total 
                                 GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000 
  Interest on bank loans             460       460       920       422       422       844 
                                  ______    ______    ______    ______    ______    ______ 
 
 
 7.    Taxation 
                                                                2020                            2019 
                                                    Revenue   Capital     Total     Revenue   Capital    Total 
                                                    GBP'000   GBP'000    GBP'000    GBP'000   GBP'000   GBP'000 
       (a)    Analysis of charge for 
               the year 
   Overseas tax                                         587          -        587       501         -        501 
   Overseas tax reclaimable                           (124)          -      (124)      (72)         -       (72) 
                                                     ______     ______     ______    ______    ______     ______ 
   Total tax charge for 
    the year                                            463          -        463       429         -        429 
                                                     ______     ______     ______    ______    ______     ______ 
 
       (b)    Factors affecting the tax charge for the year. The UK corporation 
               tax rate is 19% (2019 - 19%).The tax assessed for the year is 
               lower than the standard rate of corporation tax in the UK. The 
               differences are explained below: 
 
                                                                2020                            2019 
                                                    Revenue   Capital     Total     Revenue   Capital    Total 
                                                    GBP'000   GBP'000    GBP'000    GBP'000   GBP'000   GBP'000 
   Net return before taxation                         5,588   (22,317)   (16,729)     5,279     8,559     13,838 
                                                     ______     ______     ______    ______    ______     ______ 
   Corporation tax at standard 
    rate of 19% (2019 - 
    19%)                                              1,062    (4,240)    (3,178)     1,003     1,626      2,629 
              Effects of: 
   Non-taxable UK dividend 
    income                                            (200)          -      (200)     (256)         -      (256) 
   Non-taxable overseas 
    dividends                                       (1,257)          -    (1,257)   (1,156)         -    (1,156) 
   Overseas tax suffered                                463          -        463       429         -        429 
   Expenses not deductible 
    for tax purposes                                      4          -          4         -         -          - 
   Surplus management expenses 
    and loan relationship 
    deficits not relieved                               391        263        654       409       251        660 
   Non-taxable exchange 
    losses                                                -         91         91         -       332        332 
   Non-deductible losses/(non-taxable 
    gains)                                                -      3,886      3,886         -   (2,209)    (2,209) 
                                                     ______     ______     ______    ______    ______     ______ 
   Total tax charge                                     463          -        463       429         -        429 
                                                     ______     ______     ______    ______    ______     ______ 
 
  (c)    Provision for deferred taxation. No provision for deferred taxation 
          has been made in the current year or in the prior year. At 30 
          April 2020 the Company had surplus management expenses and loan 
          relationship debits with a tax value of GBP5,768,000 (2019 - 
          GBP4,577,000) in respect of which a deferred tax asset has not 
          been recognised. This is because the Company is not expected 
          to generate taxable income in a future period in excess of the 
          deductible expenses of that future period and, accordingly, it 
          is unlikely that the Company will be able to reduce future tax 
          liabilities through the use of existing surplus expenses. 
 
 
 
 8.    Dividends 
                                                                       2020       2019 
                                                                    GBP'000    GBP'000 
       Amounts recognised as distributions to equity holders 
        in the period: 
  Final dividend for 2019 - 3.3p (2018 - 3.3p)                        3,686      3,741 
  Interim dividend for 2020 - 1.0p (2019 - 1.0p)                      1,109      1,123 
                                                                   ________   ________ 
                                                                      4,795      4,864 
                                                                   ________   ________ 
 
       The proposed final dividend in respect of the year ended 30 April 
        2020 is subject to approval by shareholders at the Annual General 
        Meeting and has not been included as a liability in these financial 
        statements. 
       The table below sets out the proposed final dividend, together with 
        the interim dividend paid, in respect of the financial year, which 
        is the basis on which the requirements of Section 1158 of the Corporation 
        Tax Act 2010 are considered. The revenue available for distribution 
        by way of dividend for the year is GBP5,125,000 (2019 - GBP4,850,000). 
 
                                                                       2020       2019 
                                                                    GBP'000    GBP'000 
  Interim dividend for 2020 - 1.0p (2019 - 1.0p)                      1,109      1,123 
  Proposed final dividend for 2020 - 3.3p (2019 - 
   3.3p)                                                              3,647      3,686 
                                                                   ________   ________ 
                                                                      4,756      4,809 
                                                                   ________   ________ 
 
  Subsequent to the year end the Company has purchased for treasury 
   a further 62,000 Ordinary shares. Therefore the amounts reflected 
   above for the cost of the proposed final dividend for 2020 are based 
   on 110,509,348 Ordinary shares, being the number of Ordinary shares 
   in issue excluding those held in treasury at the date of this Report. 
 
 
 9.    Return per Ordinary share 
                                                    2020                      2019 
                                             GBP'000             p    GBP'000             p 
  Revenue return                               5,125          4.61      4,850          4.30 
  Capital return                            (22,317)       (20.06)      8,559          7.58 
                                             _______       _______    _______       _______ 
  Total return                              (17,192)       (15.45)     13,409         11.88 
                                            ________      ________   ________      ________ 
 
  Weighted average number of Ordinary shares 
   in issue (A)                                        111,235,296              112,843,126 
  (A) Calculated excluding shares held                  __________               __________ 
   in treasury. 
 
 
 10.    Investments at fair value through profit or loss 
                                                                         2020       2019 
                                                                      GBP'000    GBP'000 
  Opening book cost                                                   193,819    174,414 
  Opening investment holding gains                                    149,600    160,229 
                                                                     ________   ________ 
  Opening fair value                                                  343,419    334,643 
 
        Analysis of transactions made during the year 
  Purchases at cost                                                    57,181     57,731 
  Sales proceeds received                                            (61,260)   (60,583) 
  (Losses)/gains on investments                                      (20,453)     11,628 
                                                                     ________   ________ 
  Closing fair value                                                  318,887    343,419 
                                                                     ________   ________ 
  Closing book cost                                                   208,338    193,819 
  Closing investment gains                                            110,549    149,600 
                                                                     ________   ________ 
  Closing fair value                                                  318,887    343,419 
                                                                     ________   ________ 
 
                                                                         2020       2019 
                                                                      GBP'000    GBP'000 
  Investments listed on an overseas investment exchange               299,503    313,047 
  Investments listed on the UK investment exchange                     19,384     30,372 
                                                                     ________   ________ 
                                                                      318,887    343,419 
                                                                     ________   ________ 
 
        The Company received GBP61,260,000 (2019 - GBP60,583,000) from investments 
         sold in the period. The book cost of these investments when they 
         were purchased was GBP42,660,000 (2019 - GBP38,326,000). These investments 
         have been revalued over time and until they were sold any unrealised 
         gains/losses were included in the fair value of the investments. 
        Transaction costs. During the year expenses were incurred in acquiring 
         or disposing of investments classified as fair value through profit 
         or loss. These have been expensed through capital and are included 
         within losses on investments in the Statement of Comprehensive Income. 
         The total costs were as follows: 
                                                                         2020       2019 
                                                                      GBP'000    GBP'000 
  Purchases                                                                61         91 
  Sales                                                                    68        107 
                                                                     ________   ________ 
                                                                          129        198 
                                                                     ________   ________ 
 
  The above transaction costs are calculated in line with the AIC 
   SORP. The transaction costs in the Company's Key Information Document 
   are calculated on a different basis and in line with the PRIIPs 
   regulations. 
 
 
 11.    Debtors 
                                              2020       2019 
                                           GBP'000    GBP'000 
  Prepayments and accrued income               558        691 
  Amounts due from brokers                     385         91 
  Other loans and receivables                  278        144 
                                          ________   ________ 
                                             1,221        926 
                                          ________   ________ 
 
 
 12.    Creditors 
        Amounts falling due within one year:                             2020          2019 
        a)        Loans                                               GBP'000       GBP'000 
   Foreign currency loans                                               8,693         8,311 
   Sterling loan                                                        5,000         5,000 
                                                                     ________      ________ 
                                                                       13,693        13,311 
                                                                     ________      ________ 
 
                                                                         2020          2019 
        b)        Other                                               GBP'000       GBP'000 
                  Amounts due to brokers                                  273             - 
   Other creditors                                                        553           538 
                                                                     ________      ________ 
                                                                          826           538 
                                                                     ________      ________ 
 
                                                                         2020          2019 
        Non-current creditors:                                        GBP'000       GBP'000 
  Sterling loan                                                        19,951        19,938 
                                                                     ________      ________ 
 
  At the year end the Company's secured floating rate bank loans of 
   HK$85,000,000 (2019 - HK$85,00,000), equivalent to GBP8,693,000 
   (2019 - GBP8,311,000), with a maturity date of 14 May 2020 (2019 
   - 15 May 2019) and GBP5,000,000 (2019 - GBPnil), with a maturity 
   date of 7 May 2020, and fixed rate bank loan of GBP20,000,000 (2019: 
   GBP20,000,000 and GBP5,000,000), were drawn down from the GBP35,000,000 
   facility with The Royal Bank of Scotland International Limited at 
   interest rates of 2.62994%, 1.17015% and 2.626% (2019 - 2.38429%, 
   2.626% and 2.75%) respectively. 
  As of the latest date prior to the signing of this Report the HK$85,000,000 
   loan had been reduced by HK$64,000,000 to HK$21,000,000 and drawn 
   down to 22 July 2020 at an interest rate of 1.38506% and the GBP5,000,000 
   loan had been drawn down to 8 July 2020 at an interest rate of 1.04125%. 
  The terms of the bank loan with The Royal Bank of Scotland International 
   Limited state that: 
 
    *    the net tangible assets of the Company must be not 
         less than GBP125 million at all times; 
 
    *    the ratio of gross borrowings to adjusted assets must 
         be less than 25% at all times (adjusted assets are 
         total gross assets less (i) the value of any unlisted 
         investment; (ii) the value in excess of 10% of total 
         gross assets invested in the largest single security 
         or asset; (iii) the value of any single security or 
         asset (other than the largest security or asset 
         referred to above) exceeds 5% of gross assets; (iv) 
         the value in excess of 60% of total gross assets 
         invested in the top twenty largest investments; (v) 
         the extent to which the value of securities in 
         collective investment schemes exceeds 30% of gross 
         assets; and (vi) the extent to which the aggregated 
         value of securities or assets in countries with a 
         Standard and Poor's foreign sovereign debt rating 
         lower than BBB exceeds 30% of gross assets.); and 
 
    *    the facility, under which the loans are made, is 
         split into two tranches, a GBP20,000,000 fixed rate 
         facility which will expire on 14 December 2023 and a 
         GBP15,000,000 floating rate facility which will 
         expire on 14 December 2021. 
  The Company has met all financial covenants throughout the period 
   and up to the date of this Report. 
 
 
 13.    Called-up share capital 
                                                                       2020        2019 
                                                                    GBP'000     GBP'000 
        Allotted, called up and fully paid: 
  110,571,348 (2019 - 111,841,348) Ordinary shares 
   of 5p each                                                         5,528       5,592 
 
        Held in treasury: 
  9,658,101 (2019 - 8,388,101) Ordinary shares of 
   5p each                                                              483         419 
                                                                   ________    ________ 
                                                                      6,011       6,011 
                                                                   ________    ________ 
 
  During the year 1,270,000 (2019 - 2,622,500) Ordinary shares of 
   5p each were repurchased by the Company at a total cost, including 
   transaction costs, of GBP3,139,000 (2019 - GBP5,950,000). All of 
   the shares were placed in treasury. Shares held in treasury represent 
   8.73% of the Company's total issued share capital at 30 April 2020. 
   Shares held in treasury do not carry a right to receive dividends. 
  Subsequent to the year end the Company bought back for treasury 
   a further 62,000 Ordinary shares for a total consideration of GBP141,000. 
 
 
 14.    Capital reserve 
                                                              2020       2019 
                                                           GBP'000    GBP'000 
  At 1 May 2019                                            266,798    264,189 
  Movement in fair value gains                            (20,453)     11,628 
  Foreign exchange movement                                  (477)    (1,745) 
  Buy back of Ordinary shares for treasury                 (3,139)    (5,950) 
  Expenses allocated to capital                            (1,387)    (1,324) 
                                                          ________   ________ 
  At 30 April 2020                                         241,342    266,798 
                                                          ________   ________ 
 
  The capital reserve includes investment holding gains amounting 
   to GBP110,549,000 (2019 - GBP149,600,000), as disclosed in note 
   10. 
 
 
 15.    Net asset value per share. The net asset value per share and the 
         net asset values attributable to Ordinary shareholders at the year 
         end calculated in accordance with the Articles of Association were 
         as follows: 
 
                                                                   2020             2019 
        Net assets attributable                          GBP289,285,000   GBP314,411,000 
  Number of Ordinary shares in issue (excluding 
   shares held in treasury)                                 110,571,348      111,841,348 
  Net asset value per share                                     261.63p          281.12p 
 
 
 16.    Analysis of changes in 
         net debt 
                                               At                                                At 
                                         30 April       Currency       Cash    Non-cash    30 April 
                                             2019    differences      flows   movements        2020 
                                          GBP'000        GBP'000    GBP'000     GBP'000     GBP'000 
  Cash and short term deposits              3,853           (95)      (111)           -       3,647 
  Debt due within one year               (13,311)          (382)          -           -    (13,693) 
  Debt due after more than 
   one year                              (19,938)              -          -        (13)    (19,951) 
                                         ________       ________   ________    ________    ________ 
                                         (29,396)          (477)      (111)        (13)    (29,997) 
                                         ________       ________   ________    ________    ________ 
 
                                               At                                                At 
                                         30 April       Currency       Cash    Non-cash    30 April 
                                             2018    differences      flows   movements        2019 
                                          GBP'000        GBP'000    GBP'000     GBP'000     GBP'000 
  Cash and short term deposits              4,507          (518)      (136)           -       3,853 
  Debt due within one year               (23,058)        (1,227)     10,974           -    (13,311) 
  Debt due after more than 
   one year                               (5,000)              -   (15,000)          62    (19,938) 
                                         ________       ________   ________    ________    ________ 
                                         (23,551)        (1,745)    (4,162)          62    (29,396) 
                                         ________       ________   ________    ________    ________ 
 
  A statement reconciling the movement in net funds to the net cash 
   flow has not been presented as there are no differences from the 
   above analysis. 
 
 
 17.    Financial instruments 
        Risk management. The Company's investment activities expose it to 
         various types of financial risk associated with the financial instruments 
         and markets in which it invests. The Company's financial instruments 
         comprise securities and other investments, cash balances, loans 
         and debtors and creditors that arise directly from its operations; 
         for example, in respect of sales and purchases awaiting settlement, 
         and debtors for accrued income. 
        The Board has delegated the risk management function to ASFML under 
         the terms of its management agreement with ASFML (further details 
         of which are included under note 4). The Board regularly reviews 
         and agrees policies for managing each of the key financial risks 
         identified with the Manager. The types of risk and the Manager's 
         approach to the management of each type of risk, are summarised 
         below. Such approach has been applied throughout the year and has 
         not changed since the previous accounting period. 
        Risk management framework. The directors of Aberdeen Standard Fund 
         Managers Limited collectively assume responsibility for ASFML's 
         obligations under the AIFMD including reviewing investment performance 
         and monitoring the Company's risk profile during the year. 
        ASFML is a fully integrated member of the Standard Life Aberdeen 
         Group ("the Group"), which provides a variety of services and support 
         to ASFML in the conduct of its business activities, including the 
         oversight of the risk management framework for the Company. The 
         AIFM has delegated the day to day administration of the investment 
         policy to Aberdeen Standard Investments Asia Limited, which is responsible 
         for ensuring that the Company is managed within the terms of its 
         investment guidelines and the limits set out in its pre-investment 
         disclosures to investors (details of which can be found on the Company's 
         website). The AIFM has retained responsibility for monitoring and 
         oversight of investment performance, product risk and regulatory 
         and operational risk for the Company. 
        The Manager conducts its risk oversight function through the operation 
         of the Group's risk management processes and systems which are embedded 
         within the Group's operations. The Group's Risk Division supports 
         management in the identification and mitigation of risks and provides 
         independent monitoring of the business. The Division includes Compliance, 
         Business Risk, Market Risk and Risk Management. The team is headed 
         up by the Group's Head of Risk, who reports to the Group CEO. The 
         Risk Division achieves its objective through embedding the Risk 
         Management Framework throughout the organisation using the Group's 
         operational risk management system ("SHIELD"). 
        The Group's Internal Audit Department is independent of the Risk 
         Division and reports directly to the Group CFO and to the Audit 
         Committee of the Group's Board of Directors. The Internal Audit 
         Department is responsible for providing an independent assessment 
         of the Group's control environment. 
        The Group's corporate governance structure is supported by several 
         committees to assist the board of directors, its subsidiaries and 
         the Company to fulfil their roles and responsibilities. The Group's 
         Risk Division is represented on all committees, with the exception 
         of those committees that deal with investment recommendations. The 
         specific goals and guidelines on the functioning of those committees 
         are described on the committees' terms of reference. 
        Risk management. The main risks the Company faces from its financial 
         instruments are (i) market risk (comprising interest rate risk, 
         currency risk and price risk), (ii) liquidity risk and (iii) credit 
         risk. 
        (i) Market risk. The fair value of, or future cash flows from a 
         financial instrument held by the Company may fluctuate because of 
         changes in market prices. This market risk comprises three elements 
         - interest rate risk, foreign currency risk and other price risk. 
        Interest rate risk. Interest rate movements may affect: 
        - the level of income receivable on cash deposits; and, 
        - interest payable on the Company's variable rate borrowings. 
        Management of the risk. The possible effects on fair value and cash 
         flows that could arise as a result of changes in interest rates 
         are taken into account when making investment and borrowing decisions. 
        The Board imposes borrowing limits to ensure gearing levels are 
         appropriate to market conditions and reviews these on a regular 
         basis. Borrowings comprise fixed rate, revolving, and uncommitted 
         facilities. The fixed rate facilities are used to finance opportunities 
         at low rates and, the revolving and uncommitted facilities to provide 
         flexibility in the short-term. Current bank covenant guidelines 
         state that the total borrowings will not exceed 25% of the adjusted 
         net assets of the Company as defined in note 12. 
        Interest risk profile. The interest rate risk profile of the portfolio 
         of the Company's financial assets and liabilities, excluding equity 
         holdings which are all non-interest bearing, at the Statement of 
         Financial Position date was as follows: 
 
                                                           Weighted 
                                                            average 
                                                         period for         Weighted 
                                                              which          average         Fixed            Floating 
                                                            rate is         interest          rate                rate 
                                                              fixed             rate 
        At 30 April 2020                                      Years                %       GBP'000             GBP'000 
        Assets: 
  Singapore Dollar                                                -                -             -                 273 
  Sterling                                                        -                -             -               3,342 
  Taiwan Dollar                                                   -                -             -                   1 
  Vietnam Dong                                                    -                -             -                  31 
                                                           ________         ________      ________            ________ 
                                                                                                 -               3,647 
                                                                                                              ________ 
 
                                                           Weighted 
                                                            average 
                                                         period for         Weighted 
                                                              which          average         Fixed            Floating 
                                                            rate is         interest          rate                rate 
                                                              fixed             rate 
                                                              Years                %       GBP'000             GBP'000 
        Liabilities: 
  Bank loan - GBP20,000,000                                    4.55             2.63        19,951                   - 
  Bank loan - GBP5,000,000                                     0.08             1.17         5,000                   - 
  Bank loan - HK$85,000,000                                    0.08             2.63         8,693                   - 
                                                           ________         ________      ________            ________ 
                                                                                            33,644                   - 
                                                                                          ________ 
 
                                                           Weighted 
                                                            average 
                                                         period for         Weighted 
                                                              which          average         Fixed            Floating 
                                                            rate is         interest          rate                rate 
                                                              fixed             rate 
        At 30 April 2019                                      Years                %       GBP'000             GBP'000 
        Assets: 
  Indonesia Rupiah                                                -                -             -                  69 
  Sterling                                                        -             0.47             -               1,383 
  Taiwan Dollar                                                   -                -             -                   1 
  Vietnam Dong                                                    -                -             -               2,400 
                                                           ________         ________      ________            ________ 
                                                                                                 -               3,853 
                                                                                                              ________ 
 
                                                           Weighted 
                                                            average 
                                                         period for         Weighted 
                                                              which          average         Fixed            Floating 
                                                            rate is         interest          rate                rate 
                                                              fixed             rate 
                                                              Years                %       GBP'000             GBP'000 
        Liabilities: 
  Bank loan - GBP20,000,000                                    4.55             2.63        19,938                   - 
  Bank loan - GBP5,000,000                                     0.44             2.75         5,000                   - 
  Bank loan - HK$85,000,000                                    0.08             2.38         8,311                   - 
                                                           ________         ________      ________            ________ 
                                                                                            33,249                   - 
                                                                                          ________ 
 
        The weighted average interest rate is based on the current yield 
         of each asset, weighted by its market value. The weighted average 
         interest rate on bank loans is based on the interest rate payable, 
         weighted by the total value of the loans. The maturity date of the 
         Company's loans are shown in note 12. 
        The floating rate assets consist of cash deposits on call earning 
         interest at prevailing market rates. 
        The Company's equity portfolio and short-term debtors and creditors 
         (excluding bank loans) have been excluded from the above tables. 
        Interest rate sensitivity. Movements in interest rates would not 
         significantly affect net assets attributable to the Company's shareholders 
         and total profit. 
        Foreign currency risk. All of the Company's investment portfolio 
         is invested in overseas securities and the Statement of Financial 
         Position, therefore, can be significantly affected by movements 
         in foreign exchange rates. 
        Management of the risk. It is not the Company's policy to hedge 
         this risk on a continuing basis but the Company may, from time to 
         time, match specific overseas investment with foreign currency borrowings. 
         The Company's borrowings, as detailed in note 12, are predominantly 
         in sterling. 
        The revenue account is subject to currency fluctuation arising on 
         dividends paid in foreign currencies. The Company does not hedge 
         this currency risk. 
        Foreign currency exposure by currency of denomination: 
 
                                           30 April 2020                                   30 April 2019 
                                                 Net                 Total                            Net        Total 
                                            monetary              currency                       monetary     currency 
                          Investments         assets              exposure       Investments       assets     exposure 
                              GBP'000        GBP'000               GBP'000           GBP'000      GBP'000      GBP'000 
  Australian Dollar            26,572              -                26,572            12,146            -       12,146 
  Euro                          3,962              -                 3,962                 -            -            - 
  Hong Kong Dollar             87,465        (8,308)                79,157            87,041      (8,311)       78,730 
  Indonesian Rupiah            10,507              -                10,507            16,703           69       16,772 
  Malaysian Ringgit                 -              -                     -             3,013            -        3,013 
  Philippine Peso               7,463              -                 7,463            10,412            -       10,412 
  Singapore Dollar             26,710              -                26,710            38,036            -       38,036 
  South Korean 
   Won                         26,504              -                26,504            22,431           91       22,522 
  Sri Lankan Rupee              3,262              -                 3,262             4,467            -        4,467 
  Taiwanese Dollar             26,147              1                26,148            17,944            1       17,945 
  Thai Baht                     5,208              -                 5,208             8,495            -        8,495 
  US Dollar                    44,260              -                44,260            46,349            -       46,349 
  Vietnam Dong                  4,565             31                 4,596             5,339        2,400        7,739 
                             ________       ________              ________          ________     ________     ________ 
  Total                       272,625        (8,276)               264,349           272,376      (5,750)      266,626 
                             ________       ________              ________          ________     ________     ________ 
 
        Foreign currency sensitivity. The following table details the Company's 
         sensitivity to a 10% increase and decrease in sterling against the 
         foreign currencies in which the Company has exposure. The sensitivity 
         analysis includes foreign currency denominated monetary items and 
         adjusts their translation at the period end for a 10% change in 
         foreign currency rates. 
 
                                                                                                     2020         2019 
                                                                                                  GBP'000      GBP'000 
  Australian Dollar                                                                                 2,657        1,215 
        Euro                                                                                          396            - 
  Hong Kong Dollar                                                                                  7,916        7,873 
  Indonesian Rupiah                                                                                 1,051        1,677 
  Malaysian Ringgit                                                                                     -          301 
  Philippine Peso                                                                                     746        1,041 
  Singapore Dollar                                                                                  2,671        3,804 
  South Korean Won                                                                                  2,650        2,252 
  Sri Lankan Rupee                                                                                    326          447 
  Taiwanese Dollar                                                                                  2,615        1,795 
  Thai Baht                                                                                           521          850 
  US Dollar                                                                                         4,426        4,635 
  Vietnam Dong                                                                                        460          774 
                                                                                                 ________     ________ 
                                                                                                   26,435       26,664 
                                                                                                 ________     ________ 
 
        Price risk. Other price risks (ie changes in market prices other 
         than those arising from interest rate or currency risk) may affect 
         the value of the quoted investments. 
        Management of the risk. It is the Board's policy to hold an appropriate 
         spread of investments in the portfolio in order to reduce the risk 
         arising from factors specific to a particular country or sector. 
         Both the allocation of assets and the stock selection process act 
         to reduce market risk. The Manager actively monitors market prices 
         throughout the year and reports to the Board, which meets regularly 
         in order to review investment strategy. The investments held by 
         the Company are listed on various stock exchanges worldwide. 
        Price risk sensitivity. If market prices at the Statement of Financial 
         Position date had been 10% higher or lower while all other variables 
         remained constant, the return attributable to Ordinary shareholders 
         for the year ended 30 April 2020 would have increased/(decreased) 
         by GBP31,889,000 (2019 - increased/(decreased) by GBP34,342,000) 
         and equity reserves would have increased/(decreased) by the same 
         amount. 
        (ii) Liquidity risk . This is the risk that the Company will encounter 
         difficulty in meeting obligations associated with financial liabilities 
         as they fall due in line with the maturity profile analysed below. 
 
                                                    Within          Within            Within       Within 
                                                    1 year       1-2 years         2-3 years    3-4 years        Total 
        At 30 April 2020                           GBP'000         GBP'000           GBP'000      GBP'000      GBP'000 
  Bank loans                                        13,693               -                 -       20,000       33,693 
  Interest cash flows on bank 
   loans                                               547             524               525          396        1,992 
  Cash flows on other creditors                        826               -                 -            -          826 
                                                  ________        ________          ________     ________     ________ 
                                                    15,066             524               525       20,396       36,511 
                                                  ________        ________          ________     ________     ________ 
 
                                    Within          Within          Within            Within       Within 
                                    1 year       1-2 years       2-3 years         3-4 years    4-5 years        Total 
        At 30 April 2019           GBP'000         GBP'000         GBP'000           GBP'000      GBP'000      GBP'000 
  Bank loans                        13,311               -               -                 -       20,000       33,311 
  Interest cash flows 
   on bank loans                       615             524             524               525          396        2,584 
  Cash flows on other 
   creditors                           538               -               -                 -            -          538 
                                  ________        ________        ________          ________     ________     ________ 
                                    14,464             524             524               525       20,396       36,433 
                                  ________        ________        ________          ________     ________     ________ 
 
        Management of the risk. The Board imposes borrowing limits to ensure 
         gearing levels are appropriate to market conditions and reviews 
         these on a regular basis. Borrowings comprise a GBP20,000,000 fixed 
         rate credit facility, which expires on 14 December 2023 and revolving 
         multi-currency credit facility, which expires on 14 December 2021. 
         The Board has imposed a maximum gearing level, measured on the most 
         stringent basis of calculation after netting off cash equivalents, 
         of 25%. Details of borrowings at 30 April 2020 are shown in note 
         12. 
        Liquidity risk is not considered to be significant as the Company's 
         assets comprise mainly readily realisable securities, which can 
         be sold to meet funding commitments if necessary. Short-term flexibility 
         is achieved through the use of the loan facility, details of which 
         can be found in note 12. Under the terms of the loan facility, the 
         Manager provides the lender with loan covenant reports on a monthly 
         basis, to provide the lender with assurance that the terms of the 
         facility are not being breached. The Manager will also review the 
         credit rating of a lender on a regular basis. Details of the Board's 
         policy on gearing are shown in the interest rate risk section of 
         this note. 
        (iii) Credit risk. This is the risk of failure of the counterparty 
         to a transaction to discharge its obligations under that transaction 
         that could result in the Company suffering a loss. 
        Management of the risk. Investment transactions are carried out 
         with a large number of brokers, whose credit-standing is reviewed 
         periodically by the Manager, and limits are set on the amount that 
         may be due from any one broker. Cash is held only with reputable 
         banks with high quality external credit enhancements. 
        Credit risk exposure. In summary, compared to the amounts in the 
         Statement of Financial Position, the maximum exposure to credit 
         risk at 30 April was as follows: 
 
                                                           2020                               2019 
                                                      Statement                          Statement 
                                                             of                                 of 
                                                      Financial          Maximum         Financial             Maximum 
                                                       Position         exposure          Position            exposure 
                                                        GBP'000          GBP'000           GBP'000             GBP'000 
        Current assets 
  Loans and receivables                                   1,221            1,221               926                 926 
  Cash at bank and in hand                                3,647            3,647             3,853               3,853 
                                                       ________         ________          ________            ________ 
                                                          4,868            4,868             4,779               4,779 
                                                       ________         ________          ________            ________ 
 
  None of the Company's financial assets is past due or impaired. 
  Fair values of financial assets and financial liabilities. The carrying 
   values of fixed asset investments are stated at their fair values, 
   which have been determined with reference to quoted market prices. 
   For all other short-term debtors and creditors, their book values 
   approximate to fair values because of their short-term maturity. 
   Bank loans are valued at amortised cost in accordance with the Company's 
   stated accounting policy. 
 
 
 
 18.    Fair value hierarchy. FRS 102 requires an entity to classify fair 
         value measurements using a fair value hierarchy that reflects the 
         significance of the inputs used in making the measurements. The 
         fair value hierarchy has the following classifications: 
        Level 1:     unadjusted quoted prices in an active market for identical 
                      assets or liabilities that the entity can access at the 
                      measurement date. 
        Level 2:     inputs other than quoted prices included within Level 1 
                      that are observable (ie developed using market data) for 
                      the asset or liability, either directly or indirectly. 
        Level 3:     inputs are unobservable (ie for which market data is unavailable) 
                      for the asset or liability. 
        The financial assets and liabilities measured at fair value in the 
         Statement of Financial Position are grouped into the fair value 
         hierarchy at the reporting date as follows: 
 
                                                   Level 1    Level 2    Level 3          Total 
        As at 30 April 2020                        GBP'000    GBP'000    GBP'000        GBP'000 
        Financial assets at fair value 
         through profit or loss 
  Quoted equities                                  262,106          -          -        262,106 
  Collective investment schemes                          -     56,781          -         56,781 
                                                  ________   ________   ________       ________ 
  Total fair value                                 262,106     56,781          -        318,887 
                                                  ________   ________   ________       ________ 
 
                                                   Level 1    Level 2    Level 3          Total 
        As at 30 April 2019                        GBP'000    GBP'000    GBP'000        GBP'000 
        Financial assets at fair value 
         through profit or loss 
  Quoted equities                                  280,340          -          -        280,340 
  Collective investment schemes                          -     63,079          -         63,079 
                                                  ________   ________   ________       ________ 
  Total fair value                                 280,340     63,079          -        343,419 
                                                  ________   ________   ________       ________ 
 
  Quoted equities. The fair value of the Company's investments in 
   quoted equities has been determined by reference to their quoted 
   bid prices at the reporting date. Quoted equities included in Fair 
   Value Level 1 are actively traded on recognised stock exchanges. 
  Collective investment schemes. The fair value of the Company's investments 
   in collective investment schemes has been determined by reference 
   to their quoted net asset values at the reporting date and hence 
   are categorised in Fair Value Level 2. 
 
 
 
 19.   Related party transactions and transactions with the Manager. Fees 
        payable during the period to the Directors and their interests in 
        shares of the Company are disclosed within the Directors' Remuneration 
        Report. 
       Mr Young is also a director of the Company's Investment Manager, 
        Aberdeen Standard Investments (Asia) Limited, which is a wholly-owned 
        subsidiary of Standard Life Aberdeen plc. Management, promotional 
        activities and secretarial and administration services are provided 
        to the Company by Aberdeen Standard Fund Managers Limited. Details 
        of transactions during the year and balances outstanding at the 
        year end disclosed in notes 4 and 5. 
 
 
 20.   Capital management policies and procedures. The investment objective 
        of the Company is to provide shareholders with a high level of capital 
        growth through equity investment in the Asia Pacific countries ex 
        Japan. 
       The Company manages its capital to ensure that it will be able to 
        continue as a going concern while maximising the return to shareholders 
        through the optimisation of the debt and equity balance. 
       The Board monitors and reviews the broad structure of the Company's 
        capital on an ongoing basis. This review includes: 
       - the planned level of gearing which takes account of the Manager's 
        views on the market; 
       - the level of equity shares in issue; and 
       - the extent to which revenue in excess of that which is required 
        to be distributed should be retained. 
       The Company's objectives, policies and processes for managing capital 
        are unchanged from the preceding accounting period. 
       The Company does not have any externally imposed capital requirements. 
 
 
 21.   Subsequent events. Subsequent to the period end, the Company's 
        NAV has increased following a recovery in stockmarket values from 
        lows caused by the Covid-19 pandemic. At the date of this Report 
        the latest NAVs per share were 291.33p including income and 286.33p 
        excluding income as at the close of business on 29 June 2020, representing 
        increases of 11.4% and 11.0% respectively, compared with the NAV 
        per share of 261.63p including income and 258.00p excluding income 
        at the period end. 
 
 
 ALTERNATIVE PERFORMANCE MEASURES 
 
 Alternative performance measures are numerical measures of the Company's 
  current, historical or future performance, financial position or cash 
  flows, other than financial measures defined or specified in the applicable 
  financial framework. The Company's applicable financial framework includes 
  FRS 102 and the AIC SORP. 
 Total return. NAV and share price total returns show how the NAV and 
  share price has performed over a period of time in percentage terms, 
  taking into account both capital returns and dividends paid to shareholders. 
  NAV total return involves investing the net dividend in the NAV of the 
  Company with debt at fair value on the date on which that dividend goes 
  ex-dividend. Share price total return involves reinvesting the net dividend 
  in the share price of the Company on the date on which that dividend 
  goes ex-dividend. 
 The tables below provide information relating to the NAVs and share 
  prices of the Company on the dividend reinvestment dates during the 
  years ended 30 April 2020 and 30 April 2019. 
 
                                                   Dividend                        Share 
 2020                                                  rate            NAV         price 
 30 April 2019                                          N/A        281.12p       250.00p 
 15 August 2019                                       3.30p        277.07p       241.00p 
 2 January 2020                                       1.00p        292.08p       258.00p 
 30 April 2020                                          N/A        261.63p       225.00p 
                                                                 _________     _________ 
 Total return                                                        -5.5%         -8.4% 
                                                                 _________     _________ 
                                                   Dividend                        Share 
 2019                                                  rate            NAV         price 
 30 April 2018                                          N/A        272.41p       236.00p 
 16 August 2018                                       3.30p        262.91p       227.00p 
 3 January 2019                                       1.00p        246.21p       215.00p 
 30 April 2019                                          N/A        281.12p       250.00p 
                                                                 _________     _________ 
 Total return                                                         4.9%          8.0% 
                                                                 _________     _________ 
 
 Dividend cover. Revenue return per share of 4.61p (2019 - 4.30p) divided 
  by dividends per share of 4.30p (2019 - 4.30p) expressed as a ratio. 
 Discount to net asset value. The amount by which the market price per 
  Ordinary share of 225.00p (2019 - 250.00p) is lower than the net asset 
  value per Ordinary share (including income 261.63p (2019 - 281.12p); 
  excluding income 258.00p (2019 - 277.79p)), expressed as a percentage 
  of the net asset value per Ordinary share. 
 Net asset value per Ordinary share (ex income). The Company also uses 
  net asset value (ex income) per share as an alternative performance 
  measure. This is calculated as follows: 
 
                                                                      2020          2019 
 Net assets attributable (GBP'000)                                 289,285       314,411 
 Less: Revenue for the year (GBP'000)                              (5,125)       (4,850) 
 Add: Dividends paid during the year (GBP'000)                       1,109         1,123 
                                                                 _________     _________ 
 Net assets (ex income) (GBP'000)                                  285,269       310,684 
                                                                 _________     _________ 
 Number of Ordinary shares in issue                            110,571,348   111,841,348 
                                                                 _________     _________ 
 NAV (ex income) per Ordinary share                                258.00p       277.79p 
                                                                 _________     _________ 
 Net gearing. Net gearing measures the total borrowings of GBP33,644,000 
  (30 April 2019 - GBP33,249,000) less cash and cash equivalents of GBP3,944,000 
  (30 April 2019 - GBP4,401,000) divided by shareholders' funds of GBP314,411,000 
  (30 April 2019 - GBP311,816,000), expressed as a percentage. Under AIC 
  reporting guidance cash and cash equivalents includes net amounts due 
  from brokers at the year end of GBP112,000 (2019 - GBP91,000) as well 
  as cash at bank and in hand of GBP3,647,000 (2019 - GBP3,853,000). These 
  balances can be found in notes 11 and 12. 
 Ongoing charges. The ongoing charges ratio has been calculated in accordance 
  with guidance issued by the AIC as the total of investment management 
  fees and administrative expenses and expressed as a percentage of the 
  average net asset values throughout the year. 
 
                                                                      2020          2019 
 Investment management fees (GBP'000)                                1,854         1,803 
 Administrative expenses (GBP'000)                                     763           839 
 Less: non-recurring charges (GBP'000)                                (54)          (89) 
                                                                 _________     _________ 
 Ongoing charges (GBP'000)                                           2,563         2,553 
                                                                 _________     _________ 
 Average net assets (GBP'000)                                      310,182       294,966 
                                                                 _________     _________ 
 Ongoing charges ratio (excluding look-through costs)                0.83%         0.87% 
 Look-through costs (A)                                              0.27%         0.26% 
                                                                 _________     _________ 
 Ongoing charges ratio (including look-through costs)                1.10%         1.13% 
                                                                 _________     _________ 
 
 (A) Costs associated with holdings in collective investment schemes 
  as defined by the Committee of European Securities Regulators' guidelines 
  on the methodology for the calculation of the ongoing charges figure, 
  issued on 1 July 2010. 
 (B) During both years net asset values with debt at fair value equated 
  to net asset value with debt at amortised cost due to the short-term 
  nature of the bank loans. 
 The ongoing charges ratio provided in the Company's Key Information 
  Document is calculated in line with the PRIIPs regulations, which includes 
  amongst other things, the cost of borrowings and transaction costs. 
 

Additional Notes to the Annual Financial Report

The Annual General Meeting will be held at 12 noon on 2 September 2020 at Bow Bells House, 1 Bread Street, London EC4M 9HH.

If approved at the Annual General Meeting, the final dividend of 3.3p per share will be paid on 11 September 2020 to holders of Ordinary shares on the register at the close of business on 7 August 2020. The relevant ex-dividend date is 6 August 2020.

The Annual Financial Report Announcement is not the Company's statutory accounts. The above results for the year ended 30 April 2020 have been agreed with the auditor and are an abridged version of the Company's full accounts, which have been approved and audited with an unqualified report. The 2019 and 2020 statutory accounts received unqualified reports from the Company's auditor and did not include any reference to matters to which the auditor drew attention by way of emphasis without qualifying the reports, and did not contain a statement under s.498(2) or 498(3) of the Companies Act 2006. The financial information for 2019 is derived from the statutory accounts for 2019 which have been delivered to the Registrar of Companies. The 2020 accounts will be filed with the Registrar of Companies in due course.

The Annual Report and Accounts will be posted to shareholders in July 2020. Copies will be available during normal business hours from the Secretary, Aberdeen Asset Management PLC, 1 George Street, Edinburgh EH2 2LL or from the Company's website, www.newdawn-trust.co.uk* .

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise and may be affected by exchange rate movements. Investors may not get back the amount they originally invested.

By order of the Board

Aberdeen Asset Management PLC

Company Secretary

1 July 2020

* Neither the Company's website nor the content of any website accessible from hyperlinks on it (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

FR FLFVEDVILIII

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