TIDMABD

RNS Number : 5490J

abrdn New Dawn Invest Trust plc

17 August 2023

ABRDN NEW DAWN INVESTMENT TRUST PLC

ANNUAL FINANCIAL REPORT FOR THE YEARED 30 APRIL 2023

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).

Website

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

For further information, please contact:

Stephanie Hocking

abrdn 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.

Performance Highlights

 
Net asset value total return(AB)         Share price total return(AB) 
                -6.8%                                   -7.3% 
2022                           -11.0%    2022                          -11.8% 
 
Benchmark total return(BC)               Ongoing charges(A) 
                -5.2%                                   1.13% 
2022                            -9.2%    2022                           1.13% 
 
Revenue return per share                 Dividend per Ordinary share 
                4.82p                                   4.30p 
2022                            3.71p    2022                           4.30p 
 
(A) Alternative Performance Measure. 
(B) Total return represents capital return plus dividends reinvested. 
(C) MSCI AC Asia Pacific ex Japan Index 
 

Financial Highlights

 
                                                  30 April 2023   30 April 2022 
================================================  ==============  ============== 
Total assets                                      GBP342,765,000  GBP380,434,000 
================================================  ==============  ============== 
Total equity shareholders' funds (net assets)     GBP314,133,000  GBP346,952,000 
================================================  ==============  ============== 
Market capitalisation                             GBP274,027,000  GBP305,154,000 
================================================  ==============  ============== 
Net asset value per Ordinary share (including 
 current year income)                                299.20p         325.17p 
================================================  ==============  ============== 
Net asset value per Ordinary share (excluding 
 current year income)(AB)                            295.34p         322.43p 
================================================  ==============  ============== 
Share price (mid market)                             261.00p         286.00p 
================================================  ==============  ============== 
Discount to net asset value per Ordinary share 
 (including current year income)(B)                   12.8%           12.0% 
================================================  ==============  ============== 
Discount to net asset value per Ordinary share 
 (excluding current year income)(AB)                  11.6%           11.3% 
================================================  ==============  ============== 
MSCI AC Asia Pacific ex Japan Index (currency 
 adjusted, capital gains basis)                       765.99          834.02 
================================================  ==============  ============== 
Net gearing(B)                                         8.5%            7.7% 
================================================  ==============  ============== 
Dividend and earnings 
================================================  ==============  ============== 
Revenue return per share                              4.82p           3.71p 
================================================  ==============  ============== 
Dividends per share(C)                                4.30p           4.30p 
================================================  ==============  ============== 
Dividend cover(B)                                      1.12            0.86 
================================================  ==============  ============== 
Revenue reserves(D)                               GBP13,245,000   GBP12,705,000 
================================================  ==============  ============== 
Operating costs 
================================================  ==============  ============== 
Ongoing charges ratio(B)                              1.13%           1.13% 
------------------------------------------------  --------------  -------------- 
(A) Based on capital only NAV. 
(B) Considered to be an Alternative Performance 
 Measure. 
(C) The figures for dividends reflect the years in which they were 
 earned (see note 8). 
(D) Prior to payment of the second interim 
 dividend. 
 

Chairman's Statement

Introduction

Before setting out my usual statement on the Company's annual results, I must draw your attention to an important announcement made by the Company since the year end. On 21 July 2023 the Board announced that it had agreed heads of terms with the board of Asia Dragon Trust plc ("Asia Dragon") in respect of a proposed combination of the Company with Asia Dragon. The combination, if approved by each company's shareholders, will be effected by way of a scheme of reconstruction and winding up of the Company under section 110 of the Insolvency Act 1986 with the associated transfer of part of the assets and undertaking of the Company to Asia Dragon in exchange for the issue of new ordinary shares in Asia Dragon (the "Scheme"). Under the terms of the Scheme an up to 25% cash exit opportunity will be offered to the Company's shareholders to realise part of their investment in the Company at a 2% discount to the formula asset value ("FAV") (less the costs of realigning the portfolio).

abrdn Fund Managers Limited ("aFML"), will, following implementation of the Scheme, continue to manage the enlarged Asia Dragon. The Asia Dragon board will propose certain amendments to Asia Dragon's investment policy to its shareholders which will principally align Asia Dragon's policy with the Company's current investment policy in order to permit investment into Australasia and provide the Investment Manager with equivalent geographic flexibility. Asia Dragon's existing benchmark comparative index (MSCI AC Asia (ex-Japan) Index) will be retained. The portfolio managers of the enlarged Asia Dragon will be James Thom and Pruksa Iamthongthong, part of the same team that currently manages the Company's portfolio. aFML has agreed that the management fee payable by the enlarged Asia Dragon to aFML will be reduced to 0.75% (currently 0.85%) on the initial GBP350 million of Asia Dragon's net assets and 0.5% on Asia Dragon's net assets in excess of GBP350 million.

Asia Dragon offers a five-yearly performance-related conditional tender with the current performance period running from 1 September 2021 to 31 August 2026 ("2026 CTO"). It is proposed that, in the light of the proposals and conditional on the Scheme being implemented, the 2026 CTO will be amended such that, in the event Asia Dragon underperforms its benchmark over the performance period, Asia Dragon will offer shareholders the opportunity to tender up to a maximum of 15% of their shares; a reduction from the maximum of 25% previously proposed. This reflects the revised conditional tender being of broadly a similar size to that previously proposed for the 2026 CTO, given the greater scale of the enlarged Asia Dragon. In addition to this, Asia Dragon's shareholders will have the opportunity to vote on the continuation of Asia Dragon at every fifth AGM with the next continuation vote to be put forward at the AGM in December 2026.

Both the Company and Asia Dragon invest in the Asia Pacific (ex-Japan) region, and both are managed by aFML with a high level of commonality across their shareholder bases. In light of these similarities, the Board believes a combination of the companies will create an enlarged vehicle that offers similar investment exposure for each set of shareholders while offering shareholders in the enlarged Asia Dragon (and therefore to Shareholders who roll into Asia Dragon) benefits that include greater secondary liquidity in Asia Dragon shares and cost efficiencies, including as result of the reduction in the management fee as referred to above.

The Company and Asia Dragon have received irrevocable undertakings to support the proposals from shareholders representing 27.0% of the Company's issued share capital and 29.7% of Asia Dragon's issued share capital (as at

20 July 2023).

A circular to shareholders of the Company, providing details of the Scheme and convening general meetings to approve the Scheme, together with a prospectus published by Asia Dragon in respect of the issue of New Asia Dragon Shares in connection with the Scheme are expected to be published in September 2023. If approved, the proposals are anticipated to become effective in October 2023.

The Board believes that the proposals are in the best interests of shareholders as a whole. In the event that the Scheme does not go ahead, then the Company will make a separate announcement to shareholders in respect of the future of the Company.

Overview of the Year

Over the 12 months to 30 April 2023, the performance of the Company reflected a challenging environment for both Asian and global equity markets. The net asset value ("NAV") declined by 6.8% on a total return basis, compared to a fall of 5.2% in the benchmark, the MSCI All Countries Asia Pacific ex Japan Index (in Sterling terms). The share price fell by 7.3% on a total return basis, while the discount of the share price to the NAV was 12.8% at the year end.

Despite the underperformance for the year, it is worth noting that, over the longer term three and five year periods both the NAV and share price total returns have outperformed the benchmark index.

Globally, concerns over the impact of monetary tightening, the threat of recession and the ongoing conflict in Ukraine weighed heavily on markets. The Company was not immune to this. But, while the Company's performance for the 12 months was challenging, it outperformed the more 'growth-centric' funds that were heavily impacted by the growth-to-value rotation, triggered by the abrupt shift in global monetary policy. This underlines the benefit of the Company's focus on quality, investing in companies with real competitive advantages, sound financial management and good corporate governance. It is these sorts of companies that tend to be more resilient in a tougher environment.

In the first half of the year, markets were unsettled by monetary tightening in response to high inflation, with several major central banks raising interest rates. Inflationary pressures in Asia have not been as acute as elsewhere, but investors are alert to the possibility of price increases in the region.

Market attention shifted to China in the second half of the year, with the country's sudden decision to reverse its strict Covid-19 restrictions towards the end of 2022. This move prompted hopes that a re-opening economy would stimulate domestic consumer demand and benefit export-oriented markets such as Taiwan and South Korea. Many Chinese stocks, including consumer discretionary and information technology companies, benefited. Yet, despite the pent-up domestic consumer demand, the potential positive effects have not yet fully translated into earnings growth for many companies. Other factors, such as worries over the health of the property sector and the regulatory crackdown on technology companies, have made China a tricky market for investors to navigate. Geopolitical tensions between the US and China have added to share-price volatility, especially for several Chinese technology and biotech companies. Against this backdrop, the Company's performance in China lagged the benchmark over the period. However, the Board is confident in the approach adopted by the Investment Manager, focusing on the long-term benefits of quality companies in China and other countries in the region.

Detailed information on performance and portfolio activity for the year is contained in the Investment Manager's Review.

Earnings and Dividend

Revenue earnings per share for the year were 4.82p (2022: 3.71p), an increase of 29.9% compared to the previous year. The Company benefited from a small number of special dividends from companies that had su stained strong earnings, as well as higher distributions from the large Australian miners, Rio Tinto and BHP following the spike in commodity prices.

A first interim dividend of 1.0p per share was paid on 10 February 2023. As explained below, it is anticipated that the Company will convene an AGM to be held in October at the same time as the first general meeting in relation to the Scheme. Because of this, and in order to ensure that the Company's normal dividend paying cycle is maintained, rather than proposing a final dividend as we have done in previous years, the Board decided to declare a second interim dividend. Accordingly, a second interim dividend of 3.3p per share was declared on 31 July 2023 (2022: final dividend of 3.3p), making a total dividend for the year of 4.3p per share, unchanged from the previous year. The second interim dividend will be paid on 8 September 2023 to shareholders on the register on 11 August 2023.

Gearing

At the end of the year, the Company's borrowing facilities amounted to GBP40 million, comprising a fixed rate loan of GBP20 million, which matures in December 2023 (with an interest rate of 2.626%), and a GBP20 million multi-currency revolving loan facility maturing in June 2024. An aggregate Sterling equivalent of GBP28.6 million was drawn down at the year-end and gearing (net of cash) was 8.5%, compared to 7.7% at the beginning of the year.

Share Buybacks

In common with other investment trusts, the Company has continued to buy back shares with the aim of providing a degree of liquidity to the market at times when the discount to the NAV has widened. It is the view of the Board that this policy is in the interests of all shareholders. The Board closely monitors the discount and reviews the operation of the share buy-back policy at each Board meeting.

During the year, the Company bought back 1.7 million shares, representing 1.6% of the issued share capital. These shares were bought back at a discount to NAV and were accretive to the Company, and are held in treasury. The Company's stated policy on treasury shares is that they can only be re-issued to the market at a premium to the NAV per share at that time.

Annual General Meeting ("AGM")

As a result of the proposal for the Company to merge with Asia Dragon, it is anticipated that the Company will convene an AGM to be held in October at the same time as the first general meeting in relation to the Scheme. The notice of the AGM will be contained in the Scheme circular.

For those shareholders who roll their holdings into Asia Dragon, the Directors of abrdn New Dawn who join the Board of Asia Dragon very much look forward to meeting you at Asia Dragon's AGM later this year.

Outlook

Growth forecasts in the Asia-Pacific region are ahead of many other parts of the world, as domestic demand has remained robust in a tighter global monetary environment. What lingers in investors' minds is whether these forecasts will hold, in an environment that is becoming increasingly uncertain, with rising geopolitical tensions, recessionary fears and higher interest rates slowly making more of an impact.

In times like these, where markets are volatile and unsettled, an investment process focused on quality can provide resilience. The benefits of an active investment approach can bring opportunities and enable investors to sidestep parts of the market that are most exposed to risks and uncertainties. The Company has maintained a diverse portfolio of high-quality investments, well positioned to navigate turbulent market conditions and take advantage of the strong structural secular trends across Asia.

These long-term regional drivers include the aspirations of a growing middle class, urbanisation, clean energy, and digitalisation, which are likely to reward patient investors in a region where individual countries typically have different outlooks. Despite short-term ebbs and flows, China and India, the two most populous nations worldwide, offer attractive long-term growth opportunities with the likelihood of positive effects on the other countries in Asia.

Many of the challenges in the market over the past year undoubtedly remain, but the Board continues to believe that the Investment Manager's focus on quality and seeking out companies with sound fundamentals is the best approach to ensure that the Company meets its stated investment objective, and that shareholders will continue to benefit from this approach under the merger proposals.

Donald Workman

Chairman

16 August 2023

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.

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. As at 30 April 2023, the Company had net gearing of 8.5% 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 2023, 2.8% 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 (i.e. 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 for the benefit of the members as a whole.

Principal Risks and Uncertainties

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

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 and further commentary on the performance for the year is provided in the Chairman's Statement.

 
 KPI                             Description 
==============================  ================================================== 
 Performance against benchmark   The Board measures performance against the 
  index                           benchmark index - the Sterling -adjusted MSCI 
                                  All Countries Asia Pacific ex Japan Index. 
==============================  ================================================== 
 Revenue return per Ordinary     The Board monitors the Company's net revenue 
  share                           return. 
==============================  ================================================== 
 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 to NAV         The discount/premium of the share price relative 
                                  to the NAV per share is closely monitored 
                                  by the Board, including the potential annual 
                                  requirement to hold a continuation vote at 
                                  the Annual General Meeting, as set out under 
                                  "Duration. The discount at the year end is 
                                  disclosed above. 
==============================  ================================================== 
 Ongoing charges                 The Board regularly monitors the Company's 
                                  operating costs. Ongoing charges for the year 
                                  and the previous year are disclosed above. 
==============================  ================================================== 
 

Promotional Activities

The Board recognises the importance of promoting the Company to prospective investors both for improving liquidity and enhancing the 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 the abrdn Group on behalf of a number of investment trusts under its management. The Company's financial contribution to the programme is matched by the abrdn Group. The Company also supports the Manager's investments' investor relations programme which involves regional roadshows to existing and potential shareholders, promotional and public relations campaigns. The Manager's 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. The promotional programme includes commissioning independent paid for research on the Company, most recently from Marten & Co. A copy of the latest research note is available from the Company's website.

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.

Modern Slavery Act

Due to the nature of its business, being a company that does not offer goods and services to customers, the Board considers that the Company is not within the scope of the Modern Slavery Act 2015. 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.

The UK Stewardship Code and Proxy Voting

The Company supports the UK 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. abrdn 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 return to shareholders. While delivery of stewardship activities has been delegated to the Manager, 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.

Under Listing Rule 15.4.29(R), the Company, as a closed ended investment company, is exempt from complying with the Task Force on Climate-related Financial Disclosures.

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 (including 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 2023 the average discount to the underlying NAV (including current year income, and with borrowings stated at market value) of the Ordinary shares was 12.6% and therefore no continuation resolution will be put to the Company's shareholders at this year's Annual General Meeting.

Viability Statement

As set out in more detail in the Charman's Statement, it is proposed that the Company combines with Asia Dragon Trust plc ("Asia Dragon"). The combination, if approved by each company's shareholders, will be effected by way of a scheme of reconstruction and winding up of the Company under section 110 of the Insolvency Act 1986 and the associated transfer of part of the assets and undertaking of the Company to Asia Dragon in exchange for the issue of new ordinary shares in Asia Dragon (the "Scheme"). The outcome of the general meetings to make the Scheme effective represents a material uncertainty in the context of the preparation of these financial statements on a going concern basis.

Notwithstanding this material uncertainty, f or 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 also focused upon the following factors:

- The principal risks and uncertainties detailed below 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.

   -       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 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 service providers. 

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 the current conflict in Ukraine, economic shocks, significant stock market volatility, and changes in regulation or investor sentiment.

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 its statement.

On behalf of the Board

Donald Workman

Chairman

16 August 2023

Promoting the Success of the Company

Introduction

Section 172 (1) of the Companies Act 2006 (the "Act") requires each Director to act in the way he/she considers, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole.

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 that provision of the Act (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, amongst other things, 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 Company's investment objective and investment policy are contained within the Overview of Strategy.

The Board, which at the end of the year comprised five non-executive Directors, four 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 mind 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), service providers, investee companies, the debt provider and, more broadly, the environment and community.

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 
                       Stockbroker 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 also supports the Manager's investor 
                       relations programme which involves regional roadshows, 
                       promotional and public relations campaigns. 
                       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. 
===================  ============================================================ 
 Manager              The Investment Manager's Review details the key investment 
  (and Investment      decisions taken during the year. The Investment Manager 
  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. 
===================  ============================================================ 
 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. 
===================  ============================================================ 
 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. 
                       The Manager reports regularly to the Board on investment 
                       and engagement activity. 
===================  ============================================================ 
 Debt Provider        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 and      The Board and Manager are committed to investing 
  Community            in a responsible 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 2023. Each of these decisions was made after taking into account the short and long terms benefits for stakeholders.

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, the Board considers 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

Since the year end, the Board has declared a second interim dividend in respect of the year ended 30 April 2023, of 3.3p per Ordinary share. Following payment of the second interim dividend on 8 September 2023, total dividends for the year will amount to 4.3p per Ordinary share, unchanged compared to the previous year.

Share Buy Backs

During the year the Company bought back 1,706,000 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 had widened in normal market conditions. It is the view of the Board that this policy is in the interest of all shareholders.

Proposed Combination with Asia Dragon plc

As set out in more detail in the Charman's Statement, following the year end, on 21 July 2023, the Company announced a proposal for the Company to combine with Asia Dragon Trust plc ("Asia Dragon"). The combination, if approved by each company's shareholders, will be effected by way of a scheme of reconstruction and winding up of the Company under section 110 of the Insolvency Act 1986 and the associated transfer of part of the assets and undertaking of the Company to Asia Dragon in exchange for the issue of new ordinary shares in Asia Dragon (the "Scheme").

The Board believes a combination of the companies will create an enlarged vehicle that offers similar investment exposure for each set of shareholders while offering shareholders in the enlarged Asia Dragon (and therefore to Shareholders who roll into Asia Dragon) benefits that include greater secondary liquidity in Asia Dragon shares and cost efficiencies.

On behalf of the Board

Donald Workman

Chairman

16 August 2023

Performance

Performance (total return)

 
                                      1 year return  3 year return  5 year return 
                                            %              %              % 
====================================  =============  =============  ============= 
Net asset value(A)                        -6.8           +18.9          +17.9 
====================================  =============  =============  ============= 
Share price(A)                            -7.3           +21.3          +19.9 
====================================  =============  =============  ============= 
MSCI AC Asia Pacific ex Japan Index 
 (currency adjusted)                      -5.2           +16.7          +14.0 
------------------------------------  -------------  -------------  ------------- 
(A) Alternative Performance Measure. 
 

Ten Year Financial Record

 
Year to 30 April               2014     2015     2016     2017     2018     2019     2020     2021     2022     2023 
============================  =======  =======  =======  =======  =======  =======  =======  =======  =======  ======= 
Total revenue (GBP'000)        6,819    7,412    7,004    6,922    7,481    7,442    7,738    7,558    6,670    7,612 
----------------------------  -------  -------  -------  -------  -------  -------  -------  -------  -------  ------- 
Per share (p) 
============================  =======  =======  =======  =======  =======  =======  =======  =======  =======  ======= 
Net revenue return             3.79     4.18     4.06     4.05     4.47     4.30     4.61     4.24     3.71     4.82 
============================  =======  =======  =======  =======  =======  =======  =======  =======  =======  ======= 
Total return                  (18.68)   31.74   (34.72)   68.66    30.97    11.88   (15.45)  112.18   (41.10)  (22.18) 
============================  =======  =======  =======  =======  =======  =======  =======  =======  =======  ======= 
Net dividends paid/proposed    3.60     3.80     3.90     4.00     4.30     4.30     4.30     4.30     4.30     4.30 
============================  =======  =======  =======  =======  =======  =======  =======  =======  =======  ======= 
Net asset value               188.49   216.67   179.43   244.90   272.41   281.12   261.63   369.97   325.17   299.20 
----------------------------  -------  -------  -------  -------  -------  -------  -------  -------  -------  ------- 
Shareholders' funds 
 (GBP'000)                    234,762  269,398  216,243  286,191  311,816  314,411  289,285  403,005  346,952  314,133 
----------------------------  -------  -------  -------  -------  -------  -------  -------  -------  -------  ------- 
 

Dividends

 
                 Rate per share     XD date       Record date    Payment date 
===============  ==============  ==============  ==============  ============ 
First interim        1.00p       5 January 2023  6 January 2023  10 February 
 2023                                                                2023 
===============  ==============  ==============  ==============  ============ 
Second interim       3.30p       10 August 2023  11 August 2023  8 September 
 2023                                                                2023 
---------------  --------------  --------------  --------------  ------------ 
Total 2023           4.30p 
---------------  --------------  --------------  --------------  ------------ 
 
Interim 2022         1.00p       6 January 2022  7 January 2022  11 February 
                                                                     2022 
===============  ==============  ==============  ==============  ============ 
Final 2022           3.30p       4 August 2022   5 August 2022   9 September 
                                                                     2022 
---------------  --------------  --------------  --------------  ------------ 
Total 2022           4.30p 
---------------  --------------  --------------  --------------  ------------ 
 

Investment Manager's Review

Market and Portfolio Review

Asia Pacific equities declined over the 12 months to 30 April 2023, amid the uncertainty that weighed on markets globally. A combination of higher inflation, accelerated by the ongoing conflict in Ukraine, tightening monetary policies, rising input costs and recent banking sector events in the West have sparked fears of a global economic recession. Against this backdrop, the Company's net asset value ("NAV") and share price, both in total returns terms, declined 6.8% and 7.3%, respectively, and lagged the benchmark, which declined by 5.2%. However, over the past three and five years, the Company's NAV and share price total returns have done better than the benchmark, highlighting the support from our high-quality holdings.

In terms of performance, the portfolio's direct exposure to China was the main detractor, which was partly offset by the position in Hong Kong. Chinese authorities announced an unexpected U-turn from their "zero-Covid" policy to a complete re-opening in late 2022. However, the negative impacts from prolonged lockdowns and regulatory pressures, especially on the property sector, could not be quickly undone. While many of the holdings in the portfolio, especially in the technology and consumer discretionary sectors, stand to benefit from the re-opening, we have yet to see corporate earnings increase meaningfully. To this end, gaming company Sands China was a key performer, being a direct beneficiary of the re-opening and easing travel restrictions. Its recent quarterly results were ahead of the market's expectations. Insurer AIA Group and beer company Budweiser Brewing added to returns amid a recovery in the Hong Kong market. We view both as high-quality exposures to China's growth.

The exposure to Chinese renewable energy companies was not beneficial to performance, with poor share price performances from Yunnan Energy New Material and LONGi Green Energy Technology, partly as investors chased opportunities from the re-opening. Yunnan's shares were volatile after an announcement of a probe into its chairman and vice chairman. We subsequently sold the position as our conviction in the company diminished. Having said that, on a positive note, the holding in Sungrow Power Supply was beneficial following robust results, especially in the most recent quarter. China's strained relations with the US was another aspect over the period that affected investor sentiment. Pharmaceutical company Wuxi Biologics, a company that has fundamentally performed well, detracted due to a series of regulatory hurdles where two of its subsidiaries were temporarily added by the US to a trade restriction list before being removed by the end of December.

Meanwhile, the Chinese government announced further supportive measures to help the property sector recovery and appears to be easing its regulatory scrutiny into technology companies. These changes, together with investors moving towards value, benefited technology companies later in the financial year. However, while technology companies, including Tencent, have started to benefit from the re-opening, online retailer JD.com underperformed due to concerns around slowing growth and high competition.

In terms of portfolio positioning and strategy, we added more positions in China over the year as we remain confident in the holdings and the turnaround potential post the re-opening, especially in the technology sector. We therefore added to several internet and consumer holdings such as Tencent and Kweichow Moutai that should benefit from an increase in consumer confidence and spending. In the healthcare sector, we initiated Aier Eye Hospital, China's largest domestic private eyecare hospital chain. Its demand is supported by the ageing population, rising living standards, and government policies to improve the accessibility and standards of drugs and healthcare. We also bought Chinese food delivery and local services app company Meituan Dianping, which we regard as a long-term growth story which should benefit from China's shift towards a service-driven economy and increasing online penetration. Against these additions to the portfolio, we exited the industrial automation business Shenzhen Inovance Technology. It is a highly cyclical business and felt the impact of a sharp drop in property construction, while rising raw material and freight costs weighed on its margins.

The portfolio's exposure to India, through the Aberdeen Standard SICAV I - Indian Equity Fund, did not do well this year, as the market was dominated by one conglomerate throughout the period - Adani Group. The Indian Equity Fund does not hold any Adani companies as we consider the group to be low quality, but this event had an impact on the market as a whole.

Elsewhere, in Vietnam, the holding in Mobile World lagged the benchmark. In South Korea, LG Chem performed well as markets expect increased demand for its petrochemical business after China's re-opening. We think the momentum of its electric vehicle batteries business is attractive. The Australian holdings also benefited performance as mining companies such as BHP p erformed well, benefiting from the spike in commodity prices. During the year, we also received shares in the oil and gas company Woodside Energy from a corporate action.

The Company's holdings in the information technology ("IT") sector weighed on performance, driven in part by the market's negative sentiment towards the sector. The portfolio's positions in Taiwan Semiconductor Manufacturing Company ("TSMC") and Samsung Electronics lagged the benchmark, while the holding in ASML was beneficial. While ASML's shares rose in value due to a gradual improvement of the macroeconomic outlook and better visibility of the semiconductor cycle, an escalation of US-China tensions partly weighed on the share price performance. Over the year, we responded to the looming fears of a global recession and soft demand outlook for IT by reducing exposure to internet companies. We remain optimistic for a sector-wide turnaround within the next financial year and continue to gradually add back to the semi-conductor and hardware positions. Elsewhere, the consumer discretionary sector also weighed on performance due to relative weakness in consumer confidence and spending. However, as mentioned above, we expect a turnaround in consumption, especially with the re-opening in China.

Meanwhile, in the banking sector, the collapse of two US regional banks and the takeover of Credit Suisse by UBS in Europe raised concerns of contagion effects. However, the Company's holdings in Asians banks were not directly impacted by these events and remain well insulated, with strong balance sheets, while also benefiting from increasing net interest margins. On that note, Indonesia's Bank Central Asia and Oversea-Chinese Banking Corporation and DBS Group Holdings in Singapore contributed positively to performance. Meanwhile, we maintain the overweight and well-diversified exposure to the healthcare sector as we expect a turnaround in consumer spending to benefit those holdings.

Environmental, Social and Governance ("ESG")

ESG remains a core focus area as we continue to invest in high-quality companies. We are convinced that companies with strong ESG practices are more resilient, especially during turbulent times. To that end, we have invested in our resources to ensure we continue to identify strong stewards of ESG. For instance, when investing in Woodside Energy, we considered the effect of its decarbonisation strategy.

We frequently engage with investee companies to review their progress in ESG matters and ensure they meet our standards. For example, during the year we engaged with Tencent to better understand its policies and progresses around data security and privacy. Tencent provided a comprehensive multi-vector analysis of its data security and privacy management and noted the limited instances where data might be shared with the government and its protection policies around this process. Subsequently, we noted it had published several privacy and data security policies on its website, following our suggestions to improve disclosure. Tencent had also applied to become a United Nations Global Compact signatory, highlighting its commitment to ESG. Furthermore, it has removed the mandate to re-issue repurchased shares and reduced its general issuance mandate from 20% to 10%. It is also committed to achieving 30% female representation on its board by 2030, which we are monitoring.

Meanwhile, we continued our long-standing engagement with Samsung Electronics by attending its annual general meeting ("AGM") in person in Suwon, South Korea. While we had a one-to-one discussion with management ahead of the AGM to engage on agenda items and enhanced disclosures, the AGM provided an opportunity to meet the directors and show our support for the company's ongoing efforts to make progress on governance and disclosure.

Outlook

Investors continue to navigate uncertain times due to global macroeconomic challenges and geopolitical volatility. That said, inflation is more benign in Asia, especially in China, providing support to the region's economic health. Furthermore, Asian banks have not had any direct impact from the banking sector events in the US and Europe. While China remains a challenging market, we expect its re-opening to increase consumer confidence and consumption, as well as support Southeast Asian economies.

The technology sector would benefit from re-opening tailwinds and an increase in consumer spending. We think the technology cycle will bottom out in the near future and see the potential for a meaningful recovery in this calendar year. While there has been a lag of re-opening tailwinds translating into earnings growth, markets expect technology companies to produce higher earnings in the next financial year. Therefore, we are confident of the portfolio's sizable exposure to the sector and continue to add to companies with strong fundamentals and potential for outperformance. Elsewhere, we are optimistic that a surge in consumption would support the holdings in the consumer discretionary and healthcare sectors.

Within India, we expect the holdings in the commodities and financials sectors to benefit from cyclical tailwinds and policy support. In Australia, the inflationary effects on commodity prices should continue to help mining and energy companies, despite a challenging macroeconomic backdrop.

Amid the ongoing uncertainty, we believe our focus on investing in quality companies with solid fundamentals will prove beneficial over the long term and help your Company navigate challenging market conditions.

James Thom and Xin-Yao Ng

abrdn Asia Limited

16 August 2023

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 considers emerging risks which might affect the Company. During the year, the most significant emerging risks were inflation and rising interest rates and the resultant volatility that these factors created in global stock markets. In addition, the conflict in Ukraine and continued tensions between China and the USA have created geo-political uncertainties which have further increased market risk and volatility (see exogenous risks below) .

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 the Company's principal and emerging risks, which include those that would threaten its business model, future performance, solvency, liquidity or reputation.

The principal and emerging risks and uncertainties faced by the Company are reviewed by the Audit and Risk Committee in the form of risk matrices. 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 in the Company's factsheet and they can 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 and objectives          The Board keeps the level of discount 
  - the setting of an unattractive            at which the Company's shares trade, 
  strategic proposition to the                as well as the investment objective 
  market and the failure to adapt             and policy, under review and holds 
  to changes in investor demand               an annual strategy meeting where 
  may lead to the Company becoming            it reviews investor relations reports 
  unattractive to investors,                  and updates from the Investment 
  a decreased demand for its                  Manager and the Company's Stockbroker. 
  shares and a widening discount.             The Directors are updated at each 
                                              Board meeting on the composition 
                                              of, and any movements in, the shareholder 
                                              register. 
========================================    =========================================== 
 Investment management - poor                The Board meets the Manager on a 
  stock selection or investing                regular basis and keeps investment 
  outside of the investment restrictions      performance under close review. 
  and guidelines set by the Board             Representatives of the Investment 
  could result in poor performance            Manager attend all Board meetings 
  and an inability to meet the                and a detailed formal appraisal 
  Company's objectives, as well               of the abrdn Group is carried out 
  as a widening discount.                     annually by the Management Engagement 
                                              Committee. 
                                              The Board sets, and monitors, the 
                                              investment restrictions and guidelines, 
                                              and receives regular 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 level                The Directors review detailed income 
  of the Company's dividends                  forecasts at each Board meeting. 
  and future dividend growth                  The Company has built up significant 
  will depend on the performance              revenue reserves which can be drawn 
  of the underlying portfolio.                upon if required should there be 
  Any change in the tax treatment             a shortfall in revenue returns. 
  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 risks             The financial risks associated with 
  associated with the portfolio               the Company include market risk, 
  could result in losses to the               liquidity risk and credit risk, 
  Company.                                    all of which are mitigated, to some 
                                              extent, by the Investment Manager. 
                                              Further details of 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 value               The Board sets the gearing limits 
  of the Company's investment                 within which the Investment Manager 
  portfolio could be exacerbated              can operate. Gearing levels and 
  by the impact of gearing. It                compliance with loan covenants are 
  could also result in a breach               monitored on an ongoing basis by 
  of loan covenants.                          the Manager and at regular Board 
                                              meetings. In the event of a possible 
                                              impending covenant breach, appropriate 
                                              action would be taken to reduce 
                                              borrowing levels. 
                                              In addition, abrdn Fund Managers 
                                              Limited, as the Alternative Investment 
                                              Fund Manager, has set overall leverage 
                                              limits. 
========================================    =========================================== 
 Regulatory - failure to comply              The Board and Manager monitor changes 
  with relevant laws and regulations          in government policy and legislation 
  (including the Companies Act,               which may have an impact on the 
  The Financial Services and                  Company, and the Audit and Risk 
  Markets Act, The Alternative                Committee monitors compliance with 
  Investment Fund Managers Directive,         regulations by reviewing internal 
  accounting standards, investment            control reports from the Manager. 
  trust regulations, the Packaged             From time to time the Board employs 
  Retail and Insurance-based                  external advisers to advise on specific 
  Investment Products Regulations,            matters. 
  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 is                The Board receives reports from 
  dependent on third parties                  the Manager on its internal controls 
  for the provision of all systems            and risk management throughout the 
  and services (in particular,                year, including those relating to 
  those of the abrdn Group) and               cyber crime, and receives assurances 
  any control failures and gaps               from all its other significant service 
  in their systems and services,              providers on at least an annual 
  including in relation to cyber              basis. 
  security, could result                      The Manager monitors closely the 
  in fraudulent activities or                 control environments and quality 
  a loss or damage to                         of services provided by third parties, 
  the Company.                                including those of the Depositary, 
  Written agreements are in place             through service level agreements, 
  with all third party service                regular meetings and key performance 
  providers.                                  indicators. 
========================================    =========================================== 
 Exogenous risks such as health,             Exogenous risks over which the Company 
  social, financial, economic                 has no control are always a risk. 
  and geo-political - the financial           The diversified nature of the portfolio 
  impact of such risks, associated            and a managed level of gearing all 
  with the portfolio or the Company           serve to provide a degree of protection 
  itself, could result in losses              in times of volatile markets. 
  to the Company. 
========================================    =========================================== 
 

Investment Portfolio

 
As at 30 April 2023 
=========================================================================================================== 
                                                                            Valuation    Total    Valuation 
                                                                              2023     assets(A)    2022 
Company                        Industry                    Country           GBP'000       %       GBP'000 
=============================  ==========================  ===============  =========  =========  ========= 
abrdn SICAV I - Indian         Collective Investment 
 Equity Fund(B)                 Scheme                     India             48,348      14.1      48,696 
=============================  ==========================  ===============  =========  =========  ========= 
Taiwan Semiconductor           Semiconductors & 
 Manufacturing Company          Semiconductor Equipment    Taiwan            27,125       7.9      32,261 
=============================  ==========================  ===============  =========  =========  ========= 
AIA Group                      Insurance                   Hong Kong         21,690       6.3      19,372 
=============================  ==========================  ===============  =========  =========  ========= 
                               Interactive Media 
Tencent Holdings                & Services                 China             18,908       5.5      16,844 
=============================  ==========================  ===============  =========  =========  ========= 
Samsung Electronics            Technology Hardware, 
 Pref                           Storage & Peripherals      South Korea       16,637       4.8      27,893 
=============================  ==========================  ===============  =========  =========  ========= 
BHP Group                      Metals & Mining             Australia         12,892       3.8      12,401 
=============================  ==========================  ===============  =========  =========  ========= 
CSL                            Biotechnology               Australia         10,574       3.1      11,785 
=============================  ==========================  ===============  =========  =========  ========= 
Budweiser Brewing              Beverages                   Hong Kong          9,894       2.9       5,320 
=============================  ==========================  ===============  =========  =========  ========= 
                               Semiconductors & 
ASML                            Semiconductor Equipment    Netherlands        8,798       2.6       7,828 
=============================  ==========================  ===============  =========  =========  ========= 
LG Chem                        Chemicals                   South Korea        7,766       2.3       5,654 
-----------------------------  --------------------------  ---------------  ---------  ---------  --------- 
Top ten investments                                                          182,632     53.3 
--------------------------------------------------------------------------  ---------  ---------  --------- 
Bank Central Asia              Banks                       Indonesia          7,759       2.3       9,921 
=============================  ==========================  ===============  =========  =========  ========= 
Alibaba Group                  Broadline Retail            China              7,671       2.2       5,801 
=============================  ==========================  ===============  =========  =========  ========= 
Oversea-Chinese Banking 
 Corporation                   Banks                       Singapore          7,380       2.2       9,261 
=============================  ==========================  ===============  =========  =========  ========= 
abrdn New India Investment 
 Trust(B)                      Closed End Investments      India              6,985       2.0       7,384 
=============================  ==========================  ===============  =========  =========  ========= 
DBS Group Holdings             Banks                       Singapore          6,833       2.0      10,871 
=============================  ==========================  ===============  =========  =========  ========= 
                               Oil, Gas & Consumable 
Woodside Energy                 Fuels                      Australia          6,665       2.0         - 
=============================  ==========================  ===============  =========  =========  ========= 
                               Health Care Equipment 
Cochlear                        & Supplies                 Australia          6,373       1.9       7,097 
=============================  ==========================  ===============  =========  =========  ========= 
Kweichow Moutai - 
 A shares                      Beverages                   China              5,966       1.7       4,210 
=============================  ==========================  ===============  =========  =========  ========= 
M.P. Evans Group               Food Products               United Kingdom     4,949       1.4       5,512 
=============================  ==========================  ===============  =========  =========  ========= 
China Tourism Group 
 Duty Free(C)                  Specialty Retail            China              4,942       1.4       6,120 
-----------------------------  --------------------------  ---------------  ---------  ---------  --------- 
Top twenty investments                                                       248,155     72.4 
--------------------------------------------------------------------------  ---------  ---------  --------- 
                               Real Estate Management 
Ayala Land                      & Development              Philippines        4,909       1.4       6,270 
=============================  ==========================  ===============  =========  =========  ========= 
Meituan Dianping               Hotels, Restaurants 
 - Class B                      & Leisure                  China              4,902       1.4         - 
=============================  ==========================  ===============  =========  =========  ========= 
Hong Kong Exchanges 
 & Clearing                    Capital Markets             Hong Kong          4,859       1.4       6,462 
=============================  ==========================  ===============  =========  =========  ========= 
Shenzhen Mindray 
 Bio-Medical Electronics       Health Care Equipment 
 - A shares                     & Supplies                 China              4,836       1.4       4,271 
=============================  ==========================  ===============  =========  =========  ========= 
                               Telecommunications 
Telekom Indonesia               Service Providers          Indonesia          4,748       1.4         - 
=============================  ==========================  ===============  =========  =========  ========= 
                               Life Sciences Tools 
Samsung Biologics               & Services                 South Korea        4,379       1.3       5,013 
=============================  ==========================  ===============  =========  =========  ========= 
China Merchants Bank 
 - A shares                    Banks                       China              4,228       1.2       5,893 
=============================  ==========================  ===============  =========  =========  ========= 
                               Hotels, Restaurants 
Sands China                     & Leisure                  Hong Kong          4,175       1.2       2,649 
=============================  ==========================  ===============  =========  =========  ========= 
                               Life Sciences Tools 
Wuxi Biologics (Cayman)         & Services                 China              4,021       1.2       6,019 
=============================  ==========================  ===============  =========  =========  ========= 
FPT Group                      IT Services                 Vietnam            3,920       1.2       3,970 
-----------------------------  --------------------------  ---------------  ---------  ---------  --------- 
Top thirty investments                                                       293,132     85.5 
--------------------------------------------------------------------------  ---------  ---------  --------- 
Rio Tinto (London 
 Listing)                      Metals & Mining             Australia          3,699       1.1       4,182 
=============================  ==========================  ===============  =========  =========  ========= 
JD.com                         Broadline Retail            China              3,399       1.0       1,258 
=============================  ==========================  ===============  =========  =========  ========= 
Cisarua Mountain 
 Dairy                         Food Products               Indonesia          3,284       0.9       2,900 
=============================  ==========================  ===============  =========  =========  ========= 
Yonyou Network Technology 
 - 
 A shares                      Software                    China              3,113       0.9       1,664 
=============================  ==========================  ===============  =========  =========  ========= 
Aier Eye Hospital              Health Care Providers 
 Group - A shares               & Services                 China              3,073       0.9         - 
=============================  ==========================  ===============  =========  =========  ========= 
LONGi Green Energy             Semiconductors & 
 Technology - A shares          Semiconductor Equipment    China              3,036       0.9       4,644 
=============================  ==========================  ===============  =========  =========  ========= 
Sungrow Power Supply 
 - A shares                    Electrical Equipment        China              3,033       0.9       3,597 
=============================  ==========================  ===============  =========  =========  ========= 
                               Real Estate Management 
China Resources Land            & Development              China              2,996       0.9       3,435 
=============================  ==========================  ===============  =========  =========  ========= 
Mobile World                   Specialty Retail            Vietnam            2,977       0.9       5,175 
=============================  ==========================  ===============  =========  =========  ========= 
abrdn Asia Focus 
 (B)                           Closed End Investments      Other Asia         2,959       0.8       3,310 
-----------------------------  --------------------------  ---------------  ---------  ---------  --------- 
Top forty investments                                                        324,701     94.7 
--------------------------------------------------------------------------  ---------  ---------  --------- 
Foshan Haitan Flavouring 
 & Food Co - A shares          Food Products               China              2,648       0.8         - 
=============================  ==========================  ===============  =========  =========  ========= 
NARI Technology - 
 A shares                      Electrical Equipment        China              2,576       0.8       3,869 
=============================  ==========================  ===============  =========  =========  ========= 
                               Electronic Equipment, 
Venture Corp                    Instruments & Components   Singapore          2,501       0.7       2,444 
=============================  ==========================  ===============  =========  =========  ========= 
Zhongsheng Group               Specialty Retail            China              2,407       0.7       2,318 
=============================  ==========================  ===============  =========  =========  ========= 
John Keells Holdings           Industrial Conglomerates    Sri Lanka          2,011       0.6       1,624 
=============================  ==========================  ===============  =========  =========  ========= 
Centre Testing International 
 Group - A shares              Professional Services       China              1,902       0.6       2,251 
=============================  ==========================  ===============  =========  =========  ========= 
GDS - A shares                 IT Services                 China              1,853       0.5       3,114 
-----------------------------  --------------------------  ---------------  ---------  ---------  --------- 
Total investments                                                            340,599     99.4 
--------------------------------------------------------------------------  ---------  ---------  --------- 
Net current assets(D)                                                         2,166       0.6 
--------------------------------------------------------------------------  ---------  ---------  --------- 
Total assets(A)                                                              342,765     100.0 
--------------------------------------------------------------------------  ---------  ---------  --------- 
 
(B) Holding also managed by the abrdn Group but not subject to double 
 charging of management fees. 
(C) Holding comprises of A & H shares. 
(D) Excluding short-term bank loans of GBP28,632,000 
 
Note: Unless otherwise stated, foreign stock is held and all investments 
 are equity holdings. 
 

Changes in Asset Distribution

 
                              Value at                Sales    Appreciation/   Value at 
                              30 April   Purchases   proceeds  (depreciation)  30 April 
                                 2022                                            2023 
Country                        GBP'000    GBP'000    GBP'000      GBP'000      GBP'000 
============================  =========  ==========  ========  ==============  ======== 
Australia                      45,187      10,903    (15,530)      (357)        40,203 
============================  =========  ==========  ========  ==============  ======== 
China                          83,286      36,026    (18,519)     (15,283)      85,510 
============================  =========  ==========  ========  ==============  ======== 
Hong Kong                      38,038      5,417     (6,172)       3,335        40,618 
============================  =========  ==========  ========  ==============  ======== 
India                          56,080      4,250        -         (4,997)       55,333 
============================  =========  ==========  ========  ==============  ======== 
Indonesia                      12,821      5,410     (3,587)       1,147        15,791 
============================  =========  ==========  ========  ==============  ======== 
Netherlands                     7,828      1,804     (1,249)        415         8,798 
============================  =========  ==========  ========  ==============  ======== 
New Zealand                     2,699        -       (2,432)       (267)          - 
============================  =========  ==========  ========  ==============  ======== 
Other Asia                      3,310        -          -          (351)        2,959 
============================  =========  ==========  ========  ==============  ======== 
Philippines                     6,270        -          -         (1,361)       4,909 
============================  =========  ==========  ========  ==============  ======== 
Singapore                      22,576       653      (7,384)        869         16,714 
============================  =========  ==========  ========  ==============  ======== 
South Korea                    41,846       851      (10,960)     (2,955)       28,782 
============================  =========  ==========  ========  ==============  ======== 
Sri Lanka                       1,624        -          -           387         2,011 
============================  =========  ==========  ========  ==============  ======== 
Taiwan                         32,261      3,341     (5,015)      (3,462)       27,125 
============================  =========  ==========  ========  ==============  ======== 
Thailand                        2,703        -       (2,463)       (240)          - 
============================  =========  ==========  ========  ==============  ======== 
United Kingdom                  5,512        -          -          (563)        4,949 
============================  =========  ==========  ========  ==============  ======== 
Vietnam                        11,656      1,073     (2,469)      (3,363)       6,897 
----------------------------  ---------  ----------  --------  --------------  -------- 
Total investments              373,697     69,728    (75,780)     (27,046)     340,599 
----------------------------  ---------  ----------  --------  --------------  -------- 
Net current assets(A)           6,737        -          -         (4,571)       2,166 
----------------------------  ---------  ----------  --------  --------------  -------- 
Total assets less current 
 liabilities                   380,434     69,728    (75,780)     (31,617)     342,765 
----------------------------  ---------  ----------  --------  --------------  -------- 
(A) Excluding short-term bank loans of GBP28,632,000 (2022 - GBP13,504,000). 
 

Directors' Report (extract)

The Directors present their report and the audited financial statements for the year ended 30 April 2023.

Results and Dividends

The financial statements for the year ended 30 April 2023 are contained below. A first interim dividend of 1.0p per Ordinary share was paid on 10 February 2023 and the Board has declared a second interim dividend in respect of the year ended 30 April 2023, of 3.3p per Ordinary share, payable on 8 September 2023 to shareholders on the register on 11 August 2023. The relevant ex-dividend date is 10 August 2023.

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 2023 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 2023 consisted of 104,991,348 Ordinary shares of 5p and 7,874,351 shares held in treasury. During the year the Company purchased 1,706,000 Ordinary shares to be held in treasury and it cancelled 4,233,350 treasury shares. Since the end of the year, the Company has purchased a further 420,000 Ordinary shares to be held in treasury. At the date of approval of this Report there were 104,571,348 Ordinary shares of 5p in issue and 8,294,351 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 abrdn Fund Managers Limited ("aFML"), a wholly owned subsidiary of abrdn plc, as its alternative investment fund manager. aFML 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 abrdn Asia Limited ("abrdn Asia") by way of a group delegation agreement in place between aFML and abrdn Asia. In addition, aFML has sub-delegated promotional activities to abrdn Investments Limited and administration and company secretarial services to abrdn Holdings Limited. Details of the management fee during the year 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 2023 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.

 
                                         Number of Ordinary 
 Shareholder                                 shares held      % held(B) 
======================================  ===================  ========== 
 City of London Investment Management 
  Company Limited                            27,354,703         26.1 
======================================  ===================  ========== 
 Allspring Global Investments 
  Holdings LLC                               11,663,340         11.1 
======================================  ===================  ========== 
 abrdn Investment Trust 
  Share Plans(A)                             7,944,812           7.6 
======================================  ===================  ========== 
 Close Asset Management Limited              5,305,699           5.1 
======================================  ===================  ========== 
 Lazard Asset Management LLC                 5,182,427           4.9 
======================================  ===================  ========== 
 1607 Capital Partners LLC                   4,026,274           3.8 
======================================  ===================  ========== 
 

(A) Non-beneficial interest

(B) Based on 104,991,348 Ordinary shares in issue as at 30 April 2023

Since the end of the year, City of London Investment Management Company Limited has notified the Company of a holding of 28,258,791 Ordinary shares (27.0%). 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); 
   -       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.

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

Directors

Throughout the year, the Board comprised five Directors, consisting of a non-executive Chairman and four 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 abrdn Group. Mr Young is a director of various entities connected with, or within, the abrdn Group and, as such, is not considered to be independent.

The Directors attended scheduled Board and Committee meetings during the year ended 30 April 2023 as shown in the table below (with their eligibility to attend the relevant meeting in brackets).

 
Director             Board         Audit and      Nomination         Management 
                    Meetings     Risk Committee    Committee         Engagement 
                                    Meetings        Meetings     Committee Meetings 
================  ===========  =================  ===========  ====================== 
D Workman(A)         6 (6)           - (-)           1 (1)             1 (1) 
================  ===========  =================  ===========  ====================== 
M Sears              6 (6)           2 (2)           1 (1)             1 (1) 
================  ===========  =================  ===========  ====================== 
S Souchon            6 (6)           2 (2)           1 (1)             1 (1) 
================  ===========  =================  ===========  ====================== 
H Young(B)           6 (6)           - (-)           1 (1)             - (-) 
================  ===========  =================  ===========  ====================== 
N Yuen               6 (6)           2 (2)           1 (1)             1 (1) 
----------------  -----------  -----------------  -----------  ---------------------- 
(A) Mr Workman is not a member of the Audit and Risk Committee. 
 (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. There were four such additional Board and Board Committee meetings held during the year.

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.

The Board believes that all the Directors, other than Mr Young, 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.

Mr Young was appointed as a Director in May 1989 and, as stated above, is not independent due to his involvement with various entities within the abrdn Group. Mr Young has significant experience of markets in the Asia Pacific region and provides invaluable input to Board discussions.

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/her 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 Company has entered into separate deeds of indemnity with each of the Directors, reflecting the scope of the indemnity in the Articles. 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. Other than Mr Young, and the deeds of indemnity referred to above, t here were no contracts during, or at the end of the year, in which any Director was interested.

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 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, socio-economic background, 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. In doing so, the Board will take account of the targets set out in the FCA's Listing Rules, which are set out in the tables below.

The Board has resolved that the Company's year end date is the most appropriate date for disclosure purposes. The following information has been provided by each Director through the completion of questionnaires. There have been no changes since the year end .

Board Gender as at 30 April 2023

 
                                                       Number of 
                                                    senior positions 
                                                      on the Board 
                                       Percentage      (CEO, CFO,      Number in    Percentage 
                         Number of       of the         Chairman       executive    of executive 
                        Board members     Board         and SID)       management    management 
=====================  ==============  ==========  =================  ===========  ============= 
                                                          n/a 
Men                          3            60%           (note 3)          n/a           n/a 
=====================  ==============  ==========  =================  ===========  ============= 
Women                        2            40% 
                                        (note 1) 
=====================  ==============  ==========  =================  ===========  ============= 
Not specified/prefer         -             - 
 not to say 
=====================  ==============  ==========  =================  ===========  ============= 
 

Board Ethnic Background as at 30 April 2023

 
                                                             Number of 
                                                          senior positions 
                                                            on the Board 
                                             Percentage      (CEO, CFO,      Number in    Percentage 
                               Number of       of the         Chairman       executive    of executive 
                              Board members     Board         and SID)       management    management 
===========================  ==============  ==========  =================  ===========  ============= 
White British or other 
 White 
 (including minority-white                                      n/a 
 groups)                           4            80%           (note 3)          n/a           n/a 
===========================  ==============  ==========  =================  ===========  ============= 
Asian                              1            20% 
                                (note 2) 
===========================  ==============  ==========  =================  ===========  ============= 
Other ethnic group                 -             - 
===========================  ==============  ========== 
Not specified/prefer               -             - 
 not to say 
===========================  ==============  ==========  =================  ===========  ============= 
 

Notes :

   1.       Meets target of at least 40% as set out in LR 9.8.6R (9)(a)(i) 
   2.       Meets target of at least 1 as set out in LR 9.8.6R (9)(a)(iii) 

3. This column is inapplicable as the Company is externally managed and does not have executive management functions, specifically it does not have a CEO or CFO. The Company considers that the role of Chairman, Senior Independent Director ("SID"), and the chairmen of the Audit and Risk Committee, Nomination Committee and Management Engagement Committee are senior positions. Of these five senior roles, four are performed by men and one by a women, and all five are held by Directors classified as 'White British or other White (including minority-white groups)'.

Going Concern

As set out in more detail in the Charman's Statement, it is proposed that the Company combines with Asia Dragon Trust plc ("Asia Dragon"). The combination, if approved by each company's shareholders, will be effected by way of a scheme of reconstruction and winding up of the Company under section 110 of the Insolvency Act 1986 and the associated transfer of part of the assets and undertaking of the Company to Asia Dragon in exchange for the issue of new ordinary shares in Asia Dragon (the "Scheme"). The outcome of the general meetings to make the Scheme effective represents a material uncertainty which may cast significant doubt on the Company's ability to continue as a going concern .

Notwithstanding this material uncertainty, the Board has concluded that it remains appropriate to continue to prepare the financial statements on a going concern basis. In reaching this conclusion, the Board has come to the view that, as the Scheme is contingent on shareholder approval and the Company is considered solvent in all other regards, there is no irrevocable path to liquidation and thus going concern remains the most appropriate basis for preparation. In reaching this conclusion, the Board has also given due consideration to the risks associated with the Scheme.

The Board has also given consideration to the liquidity of the investment portfolio. The Company's assets consist substantially of equity shares in companies listed on recognised stock exchanges and in most circumstances are realisable within a short timescale. The Board regularly reviews income and expenditure projections and has set limits for borrowing and reviews compliance with banking covenants, including the headroom available.

At the year end, the Company's borrowing facilities amounted to GBP40 million, comprising a fixed rate loan of GBP20 million, which matures in December 2023, and a GBP20 million multi-currency revolving loan facility maturing in June 2024. In the event of the Company being unable to renew the facilities on their maturity, it is anticipated that they would be repaid from proceeds of investment sales.

In considering the going concern basis of accounting, the Directors have also taken into account the potential requirement of the Board to propose a resolution to approve the continuation of the Company at future Annual General Meetings. As explained under "Duration" 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 Annual General Meeting .

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.

Financial Instruments

The financial risk management objectives and policies arising from financial instruments and the exposure of the Company to risk are disclosed in note 17 to the financial statements.

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 (see Contact Addresses).

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 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 abrdn Investment Plan for Children, Investment Trust Share Plan and Investment Trust ISA, whose shares are held in the nominee name of the plan administrator, are given the opportunity to vote at general meetings of the Company by means of a Letter of Direction provided to them. 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.

Share Buy Backs

The Company bought back 1,706,000 Ordinary shares during the year ended 30 April 2023, representing 1.6% of the issued share capital, with the aim of providing a degree of liquidity to the market at times when the discount to the net asset value per share has widened in normal market conditions. It is the view of the Board that the Company's share buy back policy is in the interests of all shareholders. The Board closely monitors the discount and reviews the operation of the share buy back policy at each Board meeting as well as considering other options for managing the discount.

Treasury Shares

As part of its liquidity management policy, the Company currently has powers to buy back its own shares at a discount to the net asset value per share and to hold them in treasury (instead of cancelling them) as well as to sell treasury shares at a premium to the net asset value

per share.

It is the Company's policy that, in the event that the number of treasury shares represents more than 10% of the Company's issued share capital (excluding treasury shares) at the end of any financial year, the Company will cancel a proportion of its treasury shares such that the remaining balance will equal 7.5% of the issued share capital (excluding treasury shares). Accordingly, 4,233,350 treasury shares were cancelled on 30 April 2023. Shares remaining in treasury may be held indefinitely. No dividends will be paid on treasury shares, and no voting rights attach to them. No treasury shares were cancelled during the year.

By order of the Board

abrdn Holdings Limited

Company Secretary

16 August 2023

Statement of Directors' Responsibilities

The Directors are responsible for preparing the Annual Report and financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors are required to prepare the financial statements in accordance with UK accounting standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic

of Ireland'.

Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its profit or loss for that period.

In preparing these financial statements, the Directors are required to:

   -       select suitable accounting policies and then apply them consistently; 
   -       make judgements and estimates that are reasonable and prudent; 

- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- assess the Company's ability to continue as a going concern disclosing, as applicable, matters related to going concern; and

- use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report, Directors' Report, Directors' Remuneration Report and Statement of Corporate Governance that comply with that law and those regulations.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website, but not for the content of any information included on the website that has been prepared or issued by third parties. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Board confirms that to the best of its knowledge:

- the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;

- the Strategic Report and Directors' Report include a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces; and

- the Annual Report and financial statements taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's position and performance, business model and strategy.

On behalf of the Board

Donald Workman

Chairman

16 August 2023

Statement of Comprehensive Income

 
                                       Year ended 30 April          Year ended 30 April 
                                               2023                         2022 
==========================  =====  ===========================  =========================== 
                                   Revenue  Capital    Total    Revenue  Capital    Total 
                            Notes  GBP'000  GBP'000   GBP'000   GBP'000  GBP'000   GBP'000 
==========================  =====  =======  ========  ========  =======  ========  ======== 
Losses on investments        10       -     (27,046)  (27,046)     -     (46,172)  (46,172) 
==========================  =====  =======  ========  ========  =======  ========  ======== 
Income                        3     7,612      -       7,612     6,670      -       6,670 
==========================  =====  =======  ========  ========  =======  ========  ======== 
Management fee                4     (945)    (945)    (1,890)   (1,170)  (1,170)   (2,340) 
==========================  =====  =======  ========  ========  =======  ========  ======== 
Administrative expenses       5     (747)      -       (747)     (723)      -       (723) 
==========================  =====  =======  ========  ========  =======  ========  ======== 
Exchange losses                       -      (139)     (139)       -      (640)     (640) 
--------------------------  -----  -------  --------  --------  -------  --------  -------- 
Net return before finance 
 costs and taxation                 5,920   (28,130)  (22,210)   4,777   (47,982)  (43,205) 
==========================  =====  =======  ========  ========  =======  ========  ======== 
Finance costs                 6     (473)    (473)     (946)     (406)    (406)     (812) 
--------------------------  -----  -------  --------  --------  -------  --------  -------- 
Return before taxation              5,447   (28,603)  (23,156)   4,371   (48,388)  (44,017) 
==========================  =====  =======  ========  ========  =======  ========  ======== 
Taxation                      7     (342)      -       (342)     (366)      -       (366) 
--------------------------  -----  -------  --------  --------  -------  --------  -------- 
Return after taxation               5,105   (28,603)  (23,498)   4,005   (48,388)  (44,383) 
--------------------------  -----  -------  --------  --------  -------  --------  -------- 
 
Return per Ordinary share 
 (pence)                      9     4.82    (27.00)   (22.18)    3.71    (44.81)   (41.10) 
--------------------------  -----  -------  --------  --------  -------  --------  -------- 
 
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 2023  30 April 2022 
                                             Notes     GBP'000        GBP'000 
===========================================  =====  =============  ============= 
Fixed assets 
===========================================  =====  =============  ============= 
Investments at fair value through profit 
 or loss                                      10       340,599        373,697 
===========================================  =====  =============  ============= 
 
Current assets 
===========================================  =====  =============  ============= 
Debtors                                       11         729           1,907 
===========================================  =====  =============  ============= 
Cash and short-term deposits                            2,166          7,824 
-------------------------------------------  -----  -------------  ------------- 
                                                        2,895          9,731 
-------------------------------------------  -----  -------------  ------------- 
 
Creditors: amounts falling due within 
 one year                                     12 
===========================================  =====  =============  ============= 
Loans                                                 (28,632)       (13,504) 
===========================================  =====  =============  ============= 
Other creditors                                         (729)         (2,994) 
===========================================  =====  =============  ============= 
                                                      (29,361)       (16,498) 
-------------------------------------------  -----  -------------  ------------- 
Net current liabilities                               (26,466)        (6,767) 
-------------------------------------------  -----  -------------  ------------- 
Total assets less current liabilities                  314,133        366,930 
===========================================  =====  =============  ============= 
 
Non-current creditors                         12 
===========================================  =====  =============  ============= 
Loans                                                     -          (19,978) 
-------------------------------------------  -----  -------------  ------------- 
Net assets                                             314,133        346,952 
-------------------------------------------  -----  -------------  ------------- 
 
Share capital and reserves 
===========================================  =====  =============  ============= 
Share capital                                 13        5,643          5,855 
===========================================  =====  =============  ============= 
Share premium account                                  17,955         17,955 
===========================================  =====  =============  ============= 
Capital redemption reserve                             10,911         10,699 
===========================================  =====  =============  ============= 
Capital reserve                               14       266,379        299,738 
===========================================  =====  =============  ============= 
Revenue reserve                                        13,245         12,705 
-------------------------------------------  -----  -------------  ------------- 
Equity shareholders' funds                             314,133        346,952 
-------------------------------------------  -----  -------------  ------------- 
 
Net asset value per Ordinary share (pence)    15       299.20         325.17 
-------------------------------------------  -----  -------------  ------------- 
 
The financial statements were approved by the Board of Directors and 
 authorised for issue on 16 August 2023 and were signed on its behalf 
 by: 
Donald Workman 
Chairman 
The accompanying notes are an integral 
 part of the financial statements. 
 

Statement of Changes in Equity

 
For the year ended 30 April 2023 
============================================================================================== 
                                               Share    Capital 
                                      Share   premium  redemption  Capital   Revenue 
                                     capital  account   reserve    reserve   reserve   Total 
                              Notes  GBP'000  GBP'000   GBP'000    GBP'000   GBP'000  GBP'000 
============================  =====  =======  =======  ==========  ========  =======  ======== 
Balance at 30 April 2022              5,855   17,955     10,699    299,738   12,705   346,952 
============================  =====  =======  =======  ==========  ========  =======  ======== 
Buy back of Ordinary shares 
 for treasury                           -        -         -       (4,756)      -     (4,756) 
============================  =====  =======  =======  ==========  ========  =======  ======== 
Cancellation of Ordinary 
 shares held in treasury              (212)      -        212         -         -        - 
============================  =====  =======  =======  ==========  ========  =======  ======== 
Return after taxation                   -        -         -       (28,603)   5,105   (23,498) 
============================  =====  =======  =======  ==========  ========  =======  ======== 
Dividends paid                  8       -        -         -          -      (4,565)  (4,565) 
----------------------------  -----  -------  -------  ----------  --------  -------  -------- 
Balance at 30 April 2023              5,643   17,955     10,911    266,379   13,245   314,133 
----------------------------  -----  -------  -------  ----------  --------  -------  -------- 
 
 
For the year ended 30 April 2022 
                                               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 2021              5,855   17,955     10,699    355,134   13,362   403,005 
============================  =====  =======  =======  ==========  ========  =======  ======== 
Buy back of Ordinary shares 
 for treasury                           -        -         -       (7,008)      -     (7,008) 
============================  =====  =======  =======  ==========  ========  =======  ======== 
Return after taxation                   -        -         -       (48,388)   4,005   (44,383) 
============================  =====  =======  =======  ==========  ========  =======  ======== 
Dividends paid                  8       -        -         -          -      (4,662)  (4,662) 
----------------------------  -----  -------  -------  ----------  --------  -------  -------- 
Balance at 30 April 2022              5,855   17,955     10,699    299,738   12,705   346,952 
----------------------------  -----  -------  -------  ----------  --------  -------  -------- 
 
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 Cash Flows

 
                                                          Year ended     Year ended 
                                                         30 April 2023  30 April 2022 
                                               Notes        GBP'000        GBP'000 
=========================================  ============  =============  ============= 
Operating activities 
=========================================  ============  =============  ============= 
Net return before finance costs and 
 taxation                                                  (22,210)       (43,205) 
=========================================  ============  =============  ============= 
Adjustment for: 
=========================================  ============  =============  ============= 
Losses on investments                                       27,046         46,172 
=========================================  ============  =============  ============= 
Currency losses                                               139            640 
=========================================  ============  =============  ============= 
Dividend income                                             (7,540)        (6,667) 
=========================================  ============  =============  ============= 
Dividend income received                                     7,502          7,112 
=========================================  ============  =============  ============= 
Interest income                                              (72)            (3) 
=========================================  ============  =============  ============= 
Interest income received                                      64              2 
=========================================  ============  =============  ============= 
Increase in other debtors                                     (5)            (9) 
=========================================  ============  =============  ============= 
Decrease in other creditors                                  (12)           (30) 
=========================================  ============  =============  ============= 
Stock dividends included in investment 
 income                                                        -            (152) 
=========================================  ============  =============  ============= 
Overseas withholding tax                                     (253)          (484) 
-----------------------------------------  ------------  -------------  ------------- 
Net cash flow from operating activities                      4,659          3,376 
=========================================  ============  =============  ============= 
 
Investing activities 
=========================================  ============  =============  ============= 
Purchases of investments                                   (71,965)       (81,473) 
=========================================  ============  =============  ============= 
Sales of investments                                        76,921         95,767 
-----------------------------------------  ------------  -------------  ------------- 
Net cash from investing activities                           4,956         14,294 
=========================================  ============  =============  ============= 
 
Financing activities 
=========================================  ============  =============  ============= 
Equity dividends paid                                 8     (4,565)        (4,662) 
=========================================  ============  =============  ============= 
Interest paid                                                (915)          (799) 
=========================================  ============  =============  ============= 
Buy back of Ordinary shares for treasury                    (4,790)        (6,882) 
=========================================  ============  =============  ============= 
Loan repayment                                              (4,814)           - 
-----------------------------------------  ------------  -------------  ------------- 
Net cash used in financing activities                      (15,084)       (12,343) 
-----------------------------------------  ------------  -------------  ------------- 
(Decrease)/increase in cash                                 (5,469)         5,327 
-----------------------------------------  ------------  -------------  ------------- 
 
Analysis of changes in cash during 
 the year 
=========================================  ============  =============  ============= 
Opening balance                                              7,824          2,364 
=========================================  ============  =============  ============= 
Effect of exchange rate fluctuations 
 on cash held                                                (189)           133 
=========================================  ============  =============  ============= 
(Decrease)/increase in cash as above                        (5,469)         5,327 
-----------------------------------------  ------------  -------------  ------------- 
Closing balance                                              2,166          7,824 
-----------------------------------------  ------------  -------------  ------------- 
 
The accompanying notes are an integral part of the financial statements. 
 

Notes to the Financial Statements

For the year ended 30 April 2023

 
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 July 2022. 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. 
         Going concern with a Material Uncertainty . As set out in more 
          detail in the Charman's Statement, it is proposed that the Company 
          combines with Asia Dragon Trust plc ("Asia Dragon"). The combination, 
          if approved by each company's shareholders, will be effected 
          by way of a scheme of reconstruction and winding up of the Company 
          under section 110 of the Insolvency Act 1986 and the associated 
          transfer of part of the assets and undertaking of the Company 
          to Asia Dragon in exchange for the issue of new ordinary shares 
          in Asia Dragon (the "Scheme"). The outcome of the general meetings 
          to make the Scheme effective represents a material uncertainty 
          which may cast significant doubt on the Company's ability to 
          continue as a going concern. 
         Notwithstanding this material uncertainty, the Board has concluded 
          that it remains appropriate to continue to prepare the financial 
          statements on a going concern basis. In reaching this conclusion, 
          the Board has come to the view that, as the Scheme is contingent 
          on shareholder approval and the Company is considered solvent 
          in all other regards, there is no irrevocable path to liquidation 
          and thus going concern remains the most appropriate basis for 
          preparation. In reaching this conclusion, the Board has also 
          given due consideration to the risks associated with the Scheme. 
         The Board has also given consideration to the liquidity of the 
          investment portfolio. The Company's assets consist substantially 
          of equity shares in companies listed on recognised stock exchanges 
          and in most circumstances are realisable within a short timescale. 
          The Board regularly reviews income and expenditure projections 
          and has set limits for borrowing and reviews compliance with 
          banking covenants, including the headroom available. 
         At the year end, the Company's borrowing facilities amounted 
          to GBP40 million, comprising a fixed rate loan of GBP20 million, 
          which matures in December 2023, and a GBP20 million multi-currency 
          revolving loan facility maturing in June 2024. In the event of 
          the Company being unable to renew the facilities on their maturity, 
          it is anticipated that they would be repaid from proceeds of 
          investment sales. 
         In considering the going concern basis of accounting, the Directors 
          have also taken into account the potential requirement of the 
          Board to propose a resolution to approve the continuation of 
          the Company at future Annual General Meetings. As explained under 
          "Duration" 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 Annual General Meeting. 
         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. 
          At the year end, the Company's borrowing facilities amounted 
          to GBP40 million, comprising a fixed rate loan of GBP20 million, 
          which matures in December 2023, and a GBP20 million multi-currency 
          revolving loan facility maturing in June 2024. 
         Significant accounting judgements, estimates and assumptions. 
          The preparation of financial statements requires the consideration 
          of certain significant accounting judgements, estimates and assumptions 
          when management may need to exercise its judgement in the process 
          of applying the accounting policies and these are continually 
          evaluated. The Directors consider the material uncertainty present 
          for the Company to continue as a going concern and the use of 
          Sterling as its functional currency to be significant accounting 
          judgements. 
    (b)  Valuation of investments. The Company has applied the recognition 
          and measurement provisions of FRS 102 and investments have been 
          designated upon initial recognition at fair value through profit 
          or loss. This is done because all investments are considered 
          to form part of a group of financial assets which is evaluated 
          on a fair value basis, in accordance with the Company's documented 
          investment strategy, and information about the grouping is provided 
          internally on that basis. Listed investments have been measured 
          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 are 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. 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 capital and 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 reserve is not distributable. 
       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 reserve is not distributable. 
       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. This reserve is not distributable. 
       Revenue reserve. This reserve reflects all income and costs which 
        are recognised in the revenue column of the Statement of Comprehensive 
        Income. The revenue is distributable, including 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 
     ========================  =======  ======= 
                                2023     2022 
                               GBP'000  GBP'000 
     ========================  =======  ======= 
     Income from investments 
     ========================  =======  ======= 
 UK dividend income              729     1,973 
 ============================  =======  ======= 
 Overseas dividends             6,811    4,542 
 ============================  =======  ======= 
 Stock dividends                  -       152 
 ----------------------------  -------  ------- 
                                7,540    6,667 
 ----------------------------  -------  ------- 
 
     Other income 
     ========================  =======  ======= 
 Deposit interest                72        3 
 ----------------------------  -------  ------- 
 Total income                   7,612    6,670 
 ----------------------------  -------  ------- 
 
 
4.   Management fee 
     ====================================================================================== 
                                        2023                             2022 
     ====================  =========  =========  =========  =========  =========  ========= 
                            Revenue    Capital     Total     Revenue    Capital     Total 
                            GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000 
     --------------------  ---------  ---------  ---------  ---------  ---------  --------- 
 Management fee               945        945       1,890      1,170      1,170      2,340 
 ------------------------  ---------  ---------  ---------  ---------  ---------  --------- 
 
 Management services are provided by abrdn Fund Managers Limited 
  ("aFML"). 
 With effect from 1 May 2022, the management fee has been payable 
  monthly in arrears based on an annual amount of 0.85% up to GBP350 
  million and 0.50% thereafter of the net asset value of the Company 
  valued monthly, previously 0.85% of net assets, with the following 
  provisions for commonly managed funds: 
 - the Company's investments in Aberdeen Standard SICAV - Indian 
  Equity Fund, abrdn Asia Focus PLC and abrdn New India Investment 
  Trust PLC are excluded from the calculation of the investment management 
  fee. The total value of such commonly managed funds, on a bid price 
  basis (basis on which the management fee is calculated), at the 
  year end was GBP58,292,000 (2022 - bid basis - GBP59,390,000). 
 - the Company receives a rebate from the Manager for the amount 
  of fees in excess of the above rates charged by the Manager for 
  any commonly managed fund. 
 The balance due to aFML at the year end, net of any rebates, was 
  GBP303,000 (2022 - GBP344,000). 
 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 
     ========================================================  ========  ======== 
                                                                 2023      2022 
                                                               GBP'000   GBP'000 
     ========================================================  ========  ======== 
 Promotional activities                                          185       177 
 ============================================================  ========  ======== 
 Directors' fees                                                 126       122 
 ============================================================  ========  ======== 
 Safe custody fees                                               111       129 
 ============================================================  ========  ======== 
 Depositary fees                                                  34        39 
 ============================================================  ========  ======== 
     Auditor's remuneration: 
     ========================================================  ========  ======== 
 - fees payable for the audit of the Company's 
  annual financial statements                                     30        29 
 ============================================================  ========  ======== 
 Registrar's fees                                                 62        67 
 ============================================================  ========  ======== 
 Legal and professional fees                                      55        28 
 ============================================================  ========  ======== 
 Other expenses                                                  144       132 
 ------------------------------------------------------------  --------  -------- 
                                                                 747       723 
 ------------------------------------------------------------  --------  -------- 
 
 The Company has an agreement with aFML for the provision of promotional 
  activities. The total fees payable during the year were GBP185,000 
  (2022 - GBP177,000) and the sum due to aFML at the year end was 
  GBP54,000 (2022 - GBP65,000). 
 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 
     =========================  =======  =======  =======  =======  =======  ======= 
                                          2023                       2022 
     =========================  =======  =======  =======  =======  =======  ======= 
                                Revenue  Capital   Total   Revenue  Capital   Total 
                                GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000 
     -------------------------  -------  -------  -------  -------  -------  ------- 
 Bank loans and overdraft 
  interest                        473      473      946      406      406      812 
 -----------------------------  -------  -------  -------  -------  -------  ------- 
 
 
7.   Taxation 
                                                       2023                         2022 
           ===============================  ===========================  =========================== 
                                            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                                416       -        416       444       -        444 
  ========================================  =======  ========  ========  =======  ========  ======== 
  Overseas tax reclaimable                   (74)       -        (74)     (78)       -        (78) 
  ----------------------------------------  -------  --------  --------  -------  --------  -------- 
  Total tax charge for the 
   year                                       342       -        342       366       -        366 
  ----------------------------------------  -------  --------  --------  -------  --------  -------- 
 
     (b)   Factors affecting the tax charge for the year . The UK corporation 
            tax rate is 25% (2022 - 19%).The tax assessed for the year is 
            higher (2022 -higher) than the standard rate of corporation tax 
            in the UK. The differences are explained below: 
 
                                                       2023                         2022 
           ===============================  ===========================  =========================== 
                                            Revenue  Capital    Total    Revenue  Capital    Total 
                                            GBP'000  GBP'000   GBP'000   GBP'000  GBP'000   GBP'000 
           ===============================  =======  ========  ========  =======  ========  ======== 
  Net return before taxation                 5,447   (28,603)  (23,156)   4,371   (48,388)  (44,017) 
  ========================================  =======  ========  ========  =======  ========  ======== 
 
  Corporation tax at effective 
   rate of 19.5% (2022 - 
   standard rate of 19%)                     1,062   (5,578)   (4,516)     830    (9,194)   (8,364) 
  ========================================  =======  ========  ========  =======  ========  ======== 
           Effects of:                                                                         - 
           ===============================  =======  ========  ========  =======  ========  ======== 
  Non-taxable UK dividend 
   income                                    (142)      -       (142)     (375)      -       (375) 
  ========================================  =======  ========  ========  =======  ========  ======== 
  Non-taxable overseas dividends            (1,328)     -      (1,328)    (892)      -       (892) 
  ========================================  =======  ========  ========  =======  ========  ======== 
  Overseas tax suffered                       342       -        342       366       -        366 
  ========================================  =======  ========  ========  =======  ========  ======== 
  Expenses not deductible 
   for tax purposes                            3        -         3         4        -         4 
  ========================================  =======  ========  ========  =======  ========  ======== 
  Surplus management expenses 
   and loan relationship 
   deficits not relieved                      405      277       682       433      299       732 
  ========================================  =======  ========  ========  =======  ========  ======== 
  Non-taxable exchange losses                  -        27        27        -       122       122 
  ========================================  =======  ========  ========  =======  ========  ======== 
  Non-deductible losses                        -      5,274     5,274       -      8,773     8,773 
  ----------------------------------------  -------  --------  --------  -------  --------  -------- 
  Total tax charge                            342       -        342       366       -        366 
  ----------------------------------------  -------  --------  --------  -------  --------  -------- 
 
 (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 2023 the Company had surplus management expenses and loan 
        relationship debits with a tax value of GBP10,395,000 (2022 - 
        GBP9,522,000) 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 
     =======================================================  ==========  ========= 
                                                                 2023       2022 
                                                               GBP'000     GBP'000 
     =======================================================  ==========  ========= 
     Amounts recognised as distributions to 
      equity holders in the period: 
     =======================================================  ==========  ========= 
 Final dividend for 2022 - 3.3p (2021 - 
  3.3p)                                                         3,507       3,587 
 ===========================================================  ==========  ========= 
 Interim dividend for 2023 - 1.0p (2022 
  - 1.0p)                                                       1,058       1,075 
 -----------------------------------------------------------  ----------  --------- 
                                                                4,565       4,662 
 -----------------------------------------------------------  ----------  --------- 
 
     The second interim dividend in respect of the year ended 30 April 
      2023 has not been included as a liability in these financial statements. 
     The table below sets out the dividends 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 GBP5,105,000 
      (2022 - GBP4,005,000). 
 
                                                                 2023       2022 
                                                               GBP'000     GBP'000 
     =======================================================  ==========  ========= 
 First interim dividend for 2023 - 1.0p                         1,058         - 
 ===========================================================  ==========  ========= 
 Second interim dividend for 2023 - 3.3p                        3,451         - 
 ===========================================================  ==========  ========= 
 Interim dividend for 2022 - 1.0p                                 -         1,075 
 ===========================================================  ==========  ========= 
 Final dividend for 2022 - 3.3p                                   -         3,511 
 -----------------------------------------------------------  ----------  --------- 
                                                                4,509       4,586 
 -----------------------------------------------------------  ----------  --------- 
 
 Subsequent to the year end the Company and up to the record date 
  of the second interim dividend for 2023 a further 420,000 Ordinary 
  shares were purchased for treasury. Therefore the amounts reflected 
  above for the cost of the second interim dividend for 2023 are based 
  on 104,571,348 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 
                                                   2023                   2022 
     ====================================  =====================  ===================== 
                                           GBP'000        p       GBP'000        p 
     ====================================  ========  ===========  ========  =========== 
 Revenue return                             5,105       4.82       4,005       3.71 
 ========================================  ========  ===========  ========  =========== 
 Capital return                            (28,603)    (27.00)    (48,388)    (44.81) 
 ----------------------------------------  --------  -----------  --------  ----------- 
 Total return                              (23,498)    (22.18)    (44,383)    (41.10) 
 ----------------------------------------  --------  -----------  --------  ----------- 
 
 Weighted average number of Ordinary 
  shares in issue(A)                                 105,932,290            107,976,263 
 ----------------------------------------  --------  -----------  --------  ----------- 
 (A) Calculated excluding shares held in treasury. 
 
 
10.   Investments at fair value through profit 
       or loss 
      ========================================================  ==========  ========== 
                                                                   2023        2022 
                                                                 GBP'000     GBP'000 
      ========================================================  ==========  ========== 
 Opening book cost                                               253,386     243,269 
 =============================================================  ==========  ========== 
 Opening investment holding gains                                120,311     188,217 
 -------------------------------------------------------------  ----------  ---------- 
 Opening fair value                                              373,697     431,486 
 =============================================================  ==========  ========== 
 
      Analysis of transactions made during the 
       year 
      ========================================================  ==========  ========== 
 Purchases at cost                                                69,728      82,957 
 =============================================================  ==========  ========== 
 Sales proceeds received                                         (75,780)    (94,574) 
 =============================================================  ==========  ========== 
 Losses on investments                                           (27,046)    (46,172) 
 -------------------------------------------------------------  ----------  ---------- 
 Closing fair value                                              340,599     373,697 
 -------------------------------------------------------------  ----------  ---------- 
 
 Closing book cost                                               264,474     253,386 
 =============================================================  ==========  ========== 
 Closing investment gains                                         76,125     120,311 
 -------------------------------------------------------------  ----------  ---------- 
 Closing fair value                                              340,599     373,697 
 -------------------------------------------------------------  ----------  ---------- 
 
                                                                   2023        2022 
                                                                 GBP'000     GBP'000 
      ========================================================  ==========  ========== 
 Investments listed on an overseas investment 
  exchange                                                       322,007     340,908 
 =============================================================  ==========  ========== 
 Investments listed on the UK investment 
  exchange                                                        18,592      32,789 
 -------------------------------------------------------------  ----------  ---------- 
                                                                 340,599     373,697 
 -------------------------------------------------------------  ----------  ---------- 
 
      The Company received GBP75,780,000 (2022 - GBP94,574,000) from investments 
       sold in the period. The book cost of these investments when they 
       were purchased was GBP58,640,000 (2022 - GBP72,840,000). 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: 
                                                                   2023        2022 
                                                                 GBP'000     GBP'000 
      ========================================================  ==========  ========== 
 Purchases                                                          86          91 
 =============================================================  ==========  ========== 
 Sales                                                             119         140 
 -------------------------------------------------------------  ----------  ---------- 
                                                                   205         231 
 -------------------------------------------------------------  ----------  ---------- 
 
 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 
      ===============================  =======  ======= 
                                        2023     2022 
                                       GBP'000  GBP'000 
      ===============================  =======  ======= 
 Prepayments and accrued income          348      308 
 ====================================  =======  ======= 
 Amounts due from brokers                 -      1,141 
 ====================================  =======  ======= 
 Other loans and receivables             381      458 
 ------------------------------------  -------  ------- 
                                         729     1,907 
 ------------------------------------  -------  ------- 
 
 
12.   Creditors 
      Amounts falling due within one year:                            2023        2022 
      a)      Loans                                                 GBP'000     GBP'000 
              ===================================================  ==========  ========== 
  Foreign currency loans                                             3,640       8,504 
  ===============================================================  ==========  ========== 
  Sterling loans                                                     24,992      5,000 
  ---------------------------------------------------------------  ----------  ---------- 
                                                                     28,632      13,504 
  ---------------------------------------------------------------  ----------  ---------- 
 
                                                                      2023        2022 
      b)      Other                                                 GBP'000     GBP'000 
              ===================================================  ==========  ========== 
  Amounts due to brokers                                               92        2,363 
  ===============================================================  ==========  ========== 
  Other creditors                                                     637         631 
  ---------------------------------------------------------------  ----------  ---------- 
                                                                      729        2,994 
  ---------------------------------------------------------------  ----------  ---------- 
 
                                                                      2023        2022 
      Non-current creditors:                                        GBP'000     GBP'000 
      ===========================================================  ==========  ========== 
 Sterling loan                                                         -         19,978 
 -----------------------------------------------------------       ----------  ---------- 
 
 At the year end the Company had drawn down HK$21,000,000 (2022 - 
  HK$21,00,000), equivalent to GBP2,128,000 (2022 - GBP2,132,000), 
  with a maturity date of 19 May 2023 (2022 - 25 May 2022), US$1,900,000 
  (2022 - US$8,000,000), equivalent to GBP1,512,000 (2022 - GBP6,372,000), 
  with a maturity date of 19 May 2023 (2022 - 25 May 2022) and GBP5,000,000 
  (2022 - GBP5,000,000), with a maturity date of 19 May 2023 (2022 
  - 25 May 2022), and a fixed rate bank loan of GBP20,000,000 (2022 
  - GBP20,000,000), under the GBP40,000,000 multi-currency credit 
  facility with The Royal Bank of Scotland International Limited at 
  interest rates of 2.760%, 6.216%, 5.577% and 2.626% (2022 - 1.58839%, 
  2.06786%, 2.0905% and 2.626%) respectively. 
 As of the latest date prior to the signing of this Report the HK$21,000,000 
  loan had been drawn down to 18 August 2023 at an interest rate of 
  6.359%, the US$1,900,000 loan had been drawn down to 18 August 2023 
  at an interest rate of 6.45% and the GBP5,000,000 loan had been 
  drawn down to 18 August 2023 at an estimated interest rate of 6.33%. 
 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 GBP20,000,000 revolving credit facility 
  which will expire on 28 June 2024. 
 The Company has met all financial covenants throughout the period 
  and up to the date of this Report. 
 
 
13.   Share capital 
      ===========================================================  ==========  ========= 
                                                                      2023       2022 
                                                                    GBP'000     GBP'000 
      ===========================================================  ==========  ========= 
      Allotted, called up and fully paid: 
      ===========================================================  ==========  ========= 
 104,991,348 (2022 - 106,697,348) Ordinary 
  shares of 5p each                                                  5,249       5,335 
 ================================================================  ==========  ========= 
 
      Held in treasury: 
      ===========================================================  ==========  ========= 
 7,874,351 (2022 - 10,401,701) Ordinary 
  shares of 5p each                                                   394         520 
 ----------------------------------------------------------------  ----------  --------- 
                                                                     5,643       5,855 
 ----------------------------------------------------------------  ----------  --------- 
 
 During the year 1,706,000 (2022 - 2,232,000) Ordinary shares of 
  5p each were repurchased by the Company at a total cost, including 
  transaction costs, of GBP4,756,000 (2022 - GBP7,008,000). All of 
  the shares were placed in treasury. On 30 April 2023 4,233,350 Ordinary 
  shares held in treasury were cancelled. Shares held in treasury 
  represent 7.0% (2022 - 8.9%) of the Company's total issued share 
  capital of 112,865,699 Ordinary shares of 5p each at 30 April 2023. 
  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 420,000 Ordinary shares for a total consideration of GBP1,253,000. 
 
 
14.   Capital reserve 
      =================================================  ==========  ========= 
                                                            2023       2022 
                                                          GBP'000     GBP'000 
      =================================================  ==========  ========= 
 At 1 May 2022                                            299,738     355,134 
 ======================================================  ==========  ========= 
 Movement in fair value gains                             (27,046)   (46,172) 
 ======================================================  ==========  ========= 
 Foreign exchange movement                                 (139)       (640) 
 ======================================================  ==========  ========= 
 Buy back of Ordinary shares for treasury                 (4,756)     (7,008) 
 ======================================================  ==========  ========= 
 Expenses allocated to capital                            (1,418)     (1,576) 
 ------------------------------------------------------  ----------  --------- 
 At 30 April 2023                                         266,379     299,738 
 ------------------------------------------------------  ----------  --------- 
 
 The capital reserve includes investment holding gains amounting 
  to GBP76,125,000 (2022 - GBP120,311,000), 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: 
 
                                                           2023            2022 
      ==============================================  ==============  ============== 
      Net assets attributable                         GBP314,133,000  GBP346,952,000 
      ==============================================  ==============  ============== 
 Number of Ordinary shares in issue (excluding 
  shares held in treasury)                             104,991,348     106,697,348 
 ---------------------------------------------------  --------------  -------------- 
 Net asset value per share                               299.20p         325.17p 
 ---------------------------------------------------  --------------  -------------- 
 
 
16.   Analysis of changes in net debt 
      ================================================================================== 
                                        At                                         At 
                                     30 April   Currency     Cash    Non-cash   30 April 
                                       2022    differences   flows   movements    2023 
                                     GBP'000     GBP'000    GBP'000   GBP'000   GBP'000 
      =============================  ========  ===========  =======  =========  ======== 
 Cash and short term deposits         7,824       (189)     (5,469)      -       2,166 
 ==================================  ========  ===========  =======  =========  ======== 
 Debt due within one year            (13,504)      50        4,814   (19,992)   (28,632) 
 ==================================  ========  ===========  =======  =========  ======== 
 Debt due after more than one 
  year                               (19,978)       -          -      19,978       - 
 ----------------------------------  --------  -----------  -------  ---------  -------- 
                                     (25,658)     (139)      (655)     (14)     (26,466) 
 ----------------------------------  --------  -----------  -------  ---------  -------- 
                                        At                                         At 
                                     30 April   Currency     Cash    Non-cash   30 April 
                                       2021    differences   flows   movements    2022 
                                     GBP'000     GBP'000    GBP'000   GBP'000   GBP'000 
      =============================  ========  ===========  =======  =========  ======== 
 Cash and short term deposits         2,364        133       5,327       -       7,824 
 ==================================  ========  ===========  =======  =========  ======== 
 Debt due within one year            (12,731)     (773)        -         -      (13,504) 
 ==================================  ========  ===========  =======  =========  ======== 
 Debt due after more than one 
  year                               (19,965)       -          -       (13)     (19,978) 
 ----------------------------------  --------  -----------  -------  ---------  -------- 
                                     (30,332)     (640)      5,327     (13)     (25,658) 
 ----------------------------------  --------  -----------  -------  ---------  -------- 
 
 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 abrdn Fund 
      Managers Limited ("aFML") under the terms of its management agreement 
      with aFML (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 aFML collectively assume 
      responsibility for aFML's obligations under the AIFMD including 
      reviewing investment performance and monitoring the Company's risk 
      profile during the year. 
     aFML is a fully integrated member of the abrdn Group ("the Group"), 
      which provides a variety of services and support to aFML 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 abrdn 
      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 Chief Risk Officer, 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 CEO 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      Weighted 
                                    period for         average       Fixed   Floating 
                                       which 
                                  rate is fixed     interest rate    rate      rate 
 At 30 April 2023                     Years               %         GBP'000  GBP'000 
 =============================  ==================  ==============  =======  ======== 
 Assets: 
 =============================  ==================  ==============  =======  ======== 
 China Yuan Renminbi                    -                 -            -        3 
 =============================  ==================  ==============  =======  ======== 
 Sterling                               -                3.18          -      2,134 
 =============================  ==================  ==============  =======  ======== 
 Vietnam Dong                           -                 -            -        29 
 -----------------------------  ------------------  --------------  -------  -------- 
                                                                       -      2,166 
 -----------------------------  ------------------  --------------  -------  -------- 
                                 Weighted average      Weighted 
                                    period for         average       Fixed   Floating 
                                       which 
                                  rate is fixed     interest rate    rate      rate 
                                      Years               %         GBP'000  GBP'000 
 =============================  ==================  ==============  =======  ======== 
 Liabilities: 
 =============================  ==================  ==============  =======  ======== 
 Bank loan - GBP20,000,000             0.62              2.63       19,992      - 
 =============================  ==================  ==============  =======  ======== 
 Bank loan - GBP5,000,000              0.05              5.58        5,000      - 
 =============================  ==================  ==============  =======  ======== 
 Bank loan - HK$21,000,000             0.05              2.76        2,128      - 
 =============================  ==================  ==============  =======  ======== 
 Bank loan - US$1,900,000              0.05              6.22        1,512      - 
 -----------------------------  ------------------  --------------  -------  -------- 
                                                                    28,632      - 
 -----------------------------  ------------------  --------------  -------  -------- 
 
                                 Weighted average      Weighted 
                                    period for         average       Fixed   Floating 
                                       which 
                                  rate is fixed     interest rate    rate      rate 
 At 30 April 2022                     Years               %         GBP'000  GBP'000 
 =============================  ==================  ==============  =======  ======== 
 Assets: 
 =============================  ==================  ==============  =======  ======== 
 China Yuan Renminbi                    -                 -            -        3 
 =============================  ==================  ==============  =======  ======== 
 Euro                                   -                 -            -        1 
 =============================  ==================  ==============  =======  ======== 
 Sri Lankan Rupee                       -                 -            -        7 
 =============================  ==================  ==============  =======  ======== 
 Sterling                               -                 -            -      7,798 
 =============================  ==================  ==============  =======  ======== 
 Taiwan Dollar                          -                 -            -        1 
 =============================  ==================  ==============  =======  ======== 
 Vietnam Dong                           -                 -            -        14 
 -----------------------------  ------------------  --------------  -------  -------- 
                                                                       -      7,824 
 -----------------------------  ------------------  --------------  -------  -------- 
 
                                 Weighted average      Weighted 
                                    period for         average       Fixed   Floating 
                                       which 
                                  rate is fixed     interest rate    rate      rate 
                                      Years               %         GBP'000  GBP'000 
 =============================  ==================  ==============  =======  ======== 
 Liabilities: 
 =============================  ==================  ==============  =======  ======== 
 Bank loan - GBP20,000,000             1.62              2.63       19,978      - 
 =============================  ==================  ==============  =======  ======== 
 Bank loan - GBP5,000,000              0.07              2.09        5,000      - 
 =============================  ==================  ==============  =======  ======== 
 Bank loan - HK$21,000,000             0.07              1.59        2,132      - 
 =============================  ==================  ==============  =======  ======== 
 Bank loan - US$8,000,000              0.07              2.07        6,372      - 
 -----------------------------  ------------------  --------------  -------  -------- 
                                                                    33,482      - 
 -----------------------------  ------------------  --------------  -------  -------- 
 
 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. The Company's investment portfolio is primarily 
  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 2023                     30 April 2022 
 ===================   ==================================  =============================== 
                                        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                  36,504         -       36,504      31,303       157      31,460 
 ====================  ============  =========  =========  ===========  ========  ======== 
 China Yuan 
  Renminbi                37,738         3       37,741      44,103      (747)     43,356 
 ====================  ============  =========  =========  ===========  ========  ======== 
 Euro                     8,798          -        8,798       7,828        1       7,829 
 ====================  ============  =========  =========  ===========  ========  ======== 
 Hong Kong Dollar         88,390      (2,128)    86,262      77,221     (2,132)    75,089 
 ====================  ============  =========  =========  ===========  ========  ======== 
 Indonesian 
  Rupiah                  15,791         -       15,791      12,821        -       12,821 
 ====================  ============  =========  =========  ===========  ========  ======== 
 Philippine 
  Peso                    4,909          -        4,909       6,270        -       6,270 
 ====================  ============  =========  =========  ===========  ========  ======== 
 Singapore Dollar         16,714         -       16,714      22,576      (838)     21,738 
 ====================  ============  =========  =========  ===========  ========  ======== 
 South Korean 
  Won                     28,782         -       28,782      41,846       336      42,182 
 ====================  ============  =========  =========  ===========  ========  ======== 
 Sri Lankan 
  Rupee                   2,011          -        2,011       1,624        7       1,631 
 ====================  ============  =========  =========  ===========  ========  ======== 
 Taiwan Dollar            27,125         -       27,125      32,261        1       32,262 
 ====================  ============  =========  =========  ===========  ========  ======== 
 Thailand Baht              -            -          -         2,703        -       2,703 
 ====================  ============  =========  =========  ===========  ========  ======== 
 US Dollar                  -         (1,512)    (1,512)        -       (6,372)   (6,372) 
 ====================  ============  =========  =========  ===========  ========  ======== 
 Vietnam Dong             6,897         29        6,926      11,656        14      11,670 
 --------------------  ------------  ---------  ---------  -----------  --------  -------- 
 Total                   273,659      (3,608)    270,051     292,212    (9,573)   282,639 
 --------------------  ------------  ---------  ---------  -----------  --------  -------- 
 
 
  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. 
 
                                                      2023               2022 
                                                     GBP'000           GBP'000 
 ========================================       =================  ================ 
 Australian 
  Dollar                                              3,650             3,146 
 =============================================  =================  ================ 
 China Yuan 
  Renminbi                                            3,774             4,336 
 =============================================  =================  ================ 
 Euro                                                  880               783 
 =============================================  =================  ================ 
 Hong Kong Dollar                                     8,626             7,509 
 =============================================  =================  ================ 
 Indonesian 
  Rupiah                                              1,579             1,282 
 =============================================  =================  ================ 
 Philippine 
  Peso                                                 491               627 
 =============================================  =================  ================ 
 Singapore Dollar                                     1,671             2,174 
 =============================================  =================  ================ 
 South Korean 
  Won                                                 2,878             4,218 
 =============================================  =================  ================ 
 Sri Lankan 
  Rupee                                                201               163 
 =============================================  =================  ================ 
 Taiwan Dollar                                        2,713             3,226 
 =============================================  =================  ================ 
 Thailand Baht                                          -                270 
 =============================================  =================  ================ 
 US Dollar                                            (151)             (637) 
 =============================================  =================  ================ 
 Vietnam Dong                                          693              1,167 
 ---------------------------------------------  -----------------  ---------------- 
                                                     27,005             28,264 
      ----------------------------------------  -----------------  ---------------- 
 
 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 2023 would have increased/(decreased) 
  by GBP34,060,000 (2022 - increased/(decreased) by GBP37,370,000) 
  and equity reserves would have increased/(decreased) by the same 
  amount. 
 (ii) Liquidity risk. T his 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 
                                                                     1 year       Total 
 At 30 April                                                         GBP'000     GBP'000 
  2023 
 ====================================     ===========  ==========  ===========  ========= 
 Bank loans                                                          28,632      28,632 
 =======================================  ===========  ==========  ===========  ========= 
 Interest cash flows on bank 
  loans                                                                430         430 
 ======================================   ===========  ==========  ===========  ========= 
 Cash flows on other creditors                                         649         649 
 --------------------------------------   -----------  ----------  -----------  --------- 
                                                                     29,711      29,711 
    ------------------------------------  -----------  ----------  -----------  --------- 
 
                                                         Within      Within 
                                                         1 year     1-2 years     Total 
 At 30 April                                            GBP'000      GBP'000     GBP'000 
  2022 
 ====================================     ===========  ==========  ===========  ========= 
 Bank loans                                              13,504      20,000      33,504 
 =======================================  ===========  ==========  ===========  ========= 
 Interest cash flows on bank 
  loans                                                   548          396         944 
 ======================================   ===========  ==========  ===========  ========= 
 Cash flows on other creditors                           2,994          -         2,994 
 ======================================   -----------  ----------  -----------  --------- 
                                                         17,046      20,396      37,442 
    ------------------------------------  -----------  ----------  -----------  --------- 
 
 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 GBP20,000,000 
  revolving multi-currency credit facility, which expires on 28 June 
  2024. 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 2023 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: 
 
                                                   2023                     2022 
 ====================================     =======================  ====================== 
                                           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                        729         729         1,907       1,907 
 =======================================  ===========  ==========  ===========  ========= 
 Cash at bank and in hand                    2,166       2,166        7,824       7,824 
 ======================================   -----------  ----------  -----------  --------- 
                                             2,895       2,895        9,731       9,731 
    ------------------------------------  -----------  ----------  -----------  --------- 
 
 None of the Company's financial assets are past due or impaired. 
 Fair values of financial assets and financial liabilities. T he 
  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      Level      Level     Total 
                                                     1          2          3 
      As at 30 April 2023                         GBP'000    GBP'000    GBP'000   GBP'000 
      ========================================   =========  =========  =========  ======== 
      Financial assets at fair value 
       through profit or loss 
      ========================================   =========  =========  =========  ======== 
 Quoted equities                                  292,251       -          -      292,251 
 =========================================  ===  =========  =========  =========  ======== 
 Collective investment schemes                       -       48,348        -       48,348 
 -----------------------------------------  ---  ---------  ---------  ---------  -------- 
 Total fair value                                 292,251    48,348        -      340,599 
 -----------------------------------------  ---  ---------  ---------  ---------  -------- 
 
                                                   Level      Level      Level     Total 
                                                     1          2          3 
      As at 30 April 2022                         GBP'000    GBP'000    GBP'000   GBP'000 
      ========================================   =========  =========  =========  ======== 
      Financial assets at fair value 
       through profit or loss 
      ========================================   =========  =========  =========  ======== 
 Quoted equities                                  325,001       -          -      325,001 
 =========================================  ===  =========  =========  =========  ======== 
 Collective investment schemes                       -       48,696        -       48,696 
 -----------------------------------------  ---  ---------  ---------  ---------  -------- 
 Total fair value                                 325,001    48,696        -      373,697 
 -----------------------------------------  ---  ---------  ---------  ---------  -------- 
 
 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, 
      abrdn Asia Limited, which is a wholly-owned subsidiary of abrdn 
      plc. Management, promotional activities and secretarial and administration 
      services are provided to the Company by abrdn 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. 
      As at 30 April 2023, the Company had net gearing of 8.5% which compares 
      with a current maximum limit set by the Board of 25%. 
 
 
21.  Subsequent events 
     On 21 July 2023 the Board announced that it had agreed heads of 
      terms with the board of Asia Dragon Trust plc ("Asia Dragon") in 
      respect of a proposed combination of the Company with Asia Dragon. 
      The combination, if approved by each company's shareholders, will 
      be effected by way of a scheme of reconstruction and winding up 
      of the Company under section 110 of the Insolvency Act 1986 with 
      the associated transfer of part of the assets and undertaking of 
      the Company to Asia Dragon in exchange for the issue of new ordinary 
      shares in Asia Dragon (the "Scheme"). Under the terms of the Scheme 
      an up to 25% cash exit opportunity will be offered to the Company's 
      shareholders to realise part of their investment in the Company 
      at a 2% discount to the adjusted net asset value. 
 

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. 
Dividend cover 
Dividend cover is the revenue return per share divided by dividends 
 per share expressed as a ratio. 
 
                                                                   2023         2022 
================================================  ============  ===========  =========== 
Revenue return per share                               a           4.82p        3.71p 
================================================  ============  ===========  =========== 
Dividends per share                                    b           4.30p        4.30p 
================================================  ============  ===========  =========== 
Dividend cover                                        a/b          1.12         0.86 
------------------------------------------------  ------------  -----------  ----------- 
 
Discount to net asset value per Ordinary share (including current year 
 income) 
The amount by which the market price per Ordinary share is lower than 
 the net asset value per Ordinary share (including current year income), 
 expressed as a percentage of the net asset value per Ordinary share. 
 
                                                                   2023         2022 
================================================  ============  ===========  =========== 
NAV per Ordinary share (p)                             a          299.20       325.17 
================================================  ============  ===========  =========== 
Share price (p)                                        b          261.00       286.00 
================================================  ============  ===========  =========== 
Discount                                            (a-b)/a        12.8%        12.0% 
------------------------------------------------  ------------  -----------  ----------- 
 
Discount to net asset value per Ordinary share (excluding current year 
 income) 
The amount by which the market price per Ordinary share is lower than 
 the net asset value per Ordinary share (excluding current year income), 
 expressed as a percentage of the net asset value per Ordinary share. 
 
                                                                   2023         2022 
================================================  ============  ===========  =========== 
Net asset value per Ordinary share 
 (p)                                                   a          295.34       322.43 
================================================  ============  ===========  =========== 
Share price (p)                                        b          261.00       286.00 
================================================  ============  ===========  =========== 
Discount                                            (a-b)/a        11.6%        11.3% 
------------------------------------------------  ------------  -----------  ----------- 
 
Net asset value per Ordinary share (excluding current year income) 
The Company also uses net asset value (excluding current year income) 
 per share as an alternative performance measure. This is calculated 
 as follows: 
 
                                                                   2023         2022 
================================================  ============  ===========  =========== 
Net assets attributable (GBP'000)                                 314,133      346,952 
==============================================================  ===========  =========== 
Less: Revenue return after taxation 
 for the year (GBP'000)                                           (5,105)      (4,005) 
==============================================================  ===========  =========== 
Add: Dividends paid during the year 
 (GBP'000)                                                         1,058        1,075 
--------------------------------------------------------------  -----------  ----------- 
Net assets (ex income) (GBP'000)                                  310,086      344,022 
--------------------------------------------------------------  -----------  ----------- 
 
Number of Ordinary shares in issue                              104,991,348  106,697,348 
--------------------------------------------------------------  -----------  ----------- 
 
NAV (ex income) per Ordinary share                                295.34p      322.43p 
--------------------------------------------------------------  -----------  ----------- 
 
Net gearing 
Net gearing measures total borrowings less cash and cash equivalents 
 divided by shareholders' funds, expressed as a percentage. Under AIC 
 reporting guidance cash and cash equivalents includes net amounts due 
 to and from brokers at the period end as well as cash and short-term 
 deposits. 
 
                                                                   2023         2022 
================================================  ============  ===========  =========== 
Borrowings (GBP'000)                                   a          28,632       33,482 
================================================  ============  ===========  =========== 
Cash (GBP'000)                                         b           2,166        7,824 
================================================  ============  ===========  =========== 
Amounts due to brokers (GBP'000)                       c            92          2,363 
================================================  ============  ===========  =========== 
Amounts due from brokers (GBP'000)                     d             -          1,141 
================================================  ============  ===========  =========== 
Shareholders' funds (GBP'000)                          e          314,133      346,952 
------------------------------------------------  ------------  -----------  ----------- 
Net gearing                                       (a-b+c-d)/e      8.5%         7.7% 
------------------------------------------------  ------------  -----------  ----------- 
 
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 daily net asset 
 values published throughout the year. 
 
                                                                   2023         2022 
================================================  ============  ===========  =========== 
Management fees (GBP'000)                                          1,890        2,340 
==============================================================  ===========  =========== 
Administrative expenses (GBP'000)                                   747          723 
==============================================================  ===========  =========== 
Less: non-recurring charges(A) (GBP'000)                           (14)           - 
--------------------------------------------------------------  -----------  ----------- 
Ongoing charges (GBP'000)                                          2,623        3,063 
--------------------------------------------------------------  -----------  ----------- 
Average net assets (GBP'000)                                      336,444      383,039 
--------------------------------------------------------------  -----------  ----------- 
Ongoing charges ratio (excluding look-through 
 costs)                                                            0.78%        0.80% 
==============================================================  ===========  =========== 
Look-through costs(B)                                              0.35%        0.33% 
--------------------------------------------------------------  -----------  ----------- 
Ongoing charges ratio (including look-through 
 costs)                                                            1.13%        1.13% 
--------------------------------------------------------------  -----------  ----------- 
(A) Legal and professional fees considered 
 unlikely to recur. 
(B) Calculated in accordance with AIC guidance issued in October 2020 
 to include the Company's share of costs of holdings in investment companies 
 on a look-through basis. 
 
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. 
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. Share 
 price and NAV total returns are monitored against open-ended and closed-ended 
 competitors, and the Benchmark Index, respectively. 
 
                                                                                Share 
Year ended 30 April 2023                                            NAV         Price 
================================================  ============  ===========  =========== 
Opening at 1 May 2022                                  a          325.17p      286.00p 
================================================  ============  ===========  =========== 
Closing at 30 April 2023                               b          299.20p      261.00p 
================================================  ============  ===========  =========== 
Price movements                                    c=(b/a)-1       -8.0%        -8.7% 
================================================  ============  ===========  =========== 
Dividend reinvestment(A)                               d           1.2%         1.4% 
------------------------------------------------  ------------  -----------  ----------- 
Total return                                          c+d          -6.8%        -7.3% 
------------------------------------------------  ------------  -----------  ----------- 
 
                                                                                Share 
Year ended 30 April 2022                                            NAV         Price 
================================================  ============  ===========  =========== 
Opening at 1 May 2021                                  a          369.97p      328.50p 
================================================  ============  ===========  =========== 
Closing at 30 April 2022                               b          325.17p      286.00p 
================================================  ============  ===========  =========== 
Price movements                                    c=(b/a)-1      -12.1%       -12.9% 
================================================  ============  ===========  =========== 
Dividend reinvestment(A)                               d           1.1%         1.1% 
------------------------------------------------  ------------  -----------  ----------- 
Total return                                          c+d         -11.0%       -11.8% 
------------------------------------------------  ------------  -----------  ----------- 
(A) 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. 
 

Additional Notes to the Annual Financial Report

The Annual Financial Report Announcement is not the Company's statutory accounts. The above results for the year ended 30 April 2023 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 2022 and 2023 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 2022 is derived from the statutory accounts for 2021 which have been delivered to the Registrar of Companies. The 2023 accounts will be filed with the Registrar of Companies in due course.

The Annual Report and Accounts will be posted to shareholders in August 2023. Copies will be available during normal business hours from the Secretary, abrdn Holdings Limited, 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

abrdn Holdings Limited

Company Secretary

16 August 2023

* 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.

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August 17, 2023 02:00 ET (06:00 GMT)

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