Aberdeen Standard Capital Offshore Strategy Fund Limited
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01 Cover & Aggregate_ASC311220 09-Apr-21 10:56 AM Page 1 Aberdeen Standard Capital Offshore Strategy Fund Limited Annual Report and Audited Financial Statements for the year ended 31 December 2020 01 Cover & Aggregate_ASC311220 09-Apr-21 10:56 AM Page 2 Aberdeen Standard Capital Offshore Strategy Fund Limited Annual Report and Audited Financial Statements Table of contents Notice of Annual General Meeting 3 Management and Administration 4 Annual Report Chairman's Statement 6 Report of the Custodian 8 Report of the Directors 9 Statement of Directors' Responsibilities 15 Independent Auditor’s Report to the members of Aberdeen Standard Capital Offshore Strategy Fund Limited 16 Aggregated Financial Statements 19 Notes to the Aggregated Financial Statements 21 Bridge Class 31 Fund Report 31 Statistics 33 Portfolio Statement 35 Financial Statements 39 Notes to the Financial Statements 41 Distribution Statements 49 Global Equity Class 50 Fund Report 50 Statistics 52 Portfolio Statement 54 Financial Statements 56 Notes to the Financial Statements 58 Distribution Statements 65 Global Fixed Interest Class 66 Fund Report 66 Statistics 69 Portfolio Statement 71 Financial Statements 96 Notes to the Financial Statements 98 Distribution Statements 106 Income Class 108 Fund Report 108 Statistics 110 Portfolio Statement 112 Financial Statements 116 Notes to the Financial Statements 118 Distribution Statements 126 Sterling Fixed Interest Class 128 Fund Report 128 Statistics 130 Portfolio Statement 132 Financial Statements 141 Notes to the Financial Statements 143 Distribution Statements 151 UK Equity Class 153 Fund Report 153 Statistics 155 Portfolio Statement 157 Financial Statements 160 Notes to the Financial Statements 162 Distribution Statements 168 2 01 Cover & Aggregate_ASC311220 09-Apr-21 10:56 AM Page 3 Aberdeen Standard Capital Offshore Strategy Fund Limited Annual Report and Audited Financial Statements Notice of Annual General Meeting Notice is hereby given that the Annual General Meeting of the By Order of the Board Aberdeen Standard Capital Offshore Strategy Fund Limited Aberdeen Standard Capital (CI) Limited Company Secretary (‘‘the Company’’) will be held on 27 May 2021 at IFC 1, The 1st Floor, Sir Walter Raleigh House Esplanade, St Helier, Jersey, Channel Islands, at 3 p.m. 48-50 Esplanade for the transaction of the following business: St Helier, Jersey 1 To receive and adopt the Financial Statements of the JE2 3QB Company for the year ended 31 December 2020 and the 8 April 2021 Directors' and Auditor’s reports thereon. In recognition of the current UK Government guidelines which 2 To re-appoint KPMG Channel Islands Limited as Auditor of have been applied in response to the Covid-19 pandemic, we the Company. regret that shareholders may not be permitted to attend the 3 To authorise the Directors to fix the Auditor’s meeting in person and we recommend all shareholders to vote remuneration. by proxy. 4. To re-appoint Andrew Curtin as a Director of the Company. Notes: 5. To re-appoint Timothy Coote as a Director of the Company. 1 A Shareholder entitled to attend and vote at the Meeting convened by this Notice is entitled to appoint one or more 6. To re-appoint Lynn Scott as a Director of the Company. proxies to attend and (on a poll) to vote instead of him/her. 7. To appoint Aaron Le Cornu as a Director of the Company. A proxy need not also be a member of the Company. 2 A form of proxy is enclosed. The Chairman of the Meeting would be willing to act as your proxy if desired. Please sign and complete the form and return, to reach the office of the Secretary not later than 24 hours before the time fixed for the Meeting. 3 01 Cover & Aggregate_ASC311220 09-Apr-21 10:56 AM Page 4 Aberdeen Standard Capital Offshore Strategy Fund Limited Annual Report and Audited Financial Statements Management and Administration Directors of the Company Andrew Curtin Martin Magee (Chairman) (Senior Independent Director) Andrew Curtin is an independent director of a range of Irish Finance Director of: and Jersey regulated financial service providers including other Jersey Electricity plc, The Powerhouse fund companies sponsored by Aberdeen Standard Queens Road, St Helier, Jersey, JE4 8NY Investments. He has over 25 years experience as a corporate Martin Magee joined the Board of Jersey Electricity plc, an LSE banker and capital markets professional in both developed listed company, as Finance Director in May 2002. He moved and emerging markets. From 2009 to 2012 he was Managing from Scottish Power plc, after nine years in a variety of senior Director of ANP International Finance, a specialist proprietary financial roles. He previously worked for nine years with Stakis liquidity and asset manager. He has also held various senior plc (now part of the Hilton Hotels Group). positions with Citibank, Anglo Irish Bank and the Saudi Industrial Development Fund. In addition, he is a non-executive Director of Jersey Post International Limited and also a Director of the Channel Andrew graduated from University College Dublin with a BA Islands Electricity Grid Limited. He was also a member of the (Hons) in Economics and a Masters in International Jersey Public Accounts Committee from 2006 to 2011. Development. He is also a Chartered Director. Martin is a member of the Institute of Chartered Accountants Appointed to the Board on 10 May 2016. of Scotland having qualified in 1984. Aaron Le Cornu Appointed to the Board on 18 May 2011. (Independent Director) Aaron Le Cornu is the founder of A2Z Consulting Ltd and is an Timothy Coote independent Director, with 30 years experience in financial Tim Coote is the Operations Director for Aberdeen Standard services. Aaron held a number of senior and Board positions Capital International Limited in Jersey, which has a license to within HSBC, latterly as Deputy CEO of HSBC International. conduct Investment and Fund Service business. He joined During his 10 years with HSBC, he was involved in several Aberdeen in 2005. acquisitions including the purchase of Marks and Spencer He has thirty-nine years experience in Corporate Banking, Money. Investment and Fund Management. Prior to joining Aberdeen, Aaron was the Chief Financial Officer and Chief Operating Tim spent seven years as Operations Director for Insinger de Officer for the law firm, Ogier, and was Chief Financial Officer Beaufort International Limited (formerly Matheson Investment of the team which completed a management buy out of the International Limited). Previous to this, Tim held a senior Ogier fiduciary business (subsequently renamed Elian) in 2014. position with Citibank in Jersey, latterly supporting the Aaron was also the Chief Operating Officer for GLI Finance and business in Dublin. was a Board Director of its Fintech Ventures subsidiary. Appointed to the Board on 11 September 2018. Aaron is a Chartered Accountant having qualified with Arthur Lynn Scott Andersen in London. He has a First Class Honours degree in Lynn Scott is the Investment Director and Head of Product European Management Science from Swansea University. Management of Aberdeen Standard Investments. Lynn was Appointed to the Board on 22 February 2021. previously Head of Produ ct Development for non UCITS structures and Head of Product Management and Investment Director (Technical) for Standard Life Investments. She joined Standard Life Investments in 2006. Prior to being employed by Standard Life Investments, she was employed by Standard Life Assurance Limited in various actuarial roles between 1994 and 2006. She has a BSc (Hons) in Actuarial Mathematics and Statistics and has been a Fellow of the Faculty of Actuaries (FFA) since 1997. Lynn is also a Director of SLTM Limited and of the Manager, Aberdeen Standard Capital (CI) Limited. Appointed to the Board on 26 January 2015. 4 01 Cover & Aggregate_ASC311220 09-Apr-21 10:56 AM Page 5 Aberdeen Standard Capital Offshore Strategy Fund Limited Annual Report and Audited Financial Statements Management and Administration (cont.) Registered Office of the Company Custodian IFC 1 BNP Paribas Depositary The Esplanade Services (Jersey) Limited St Helier, Jersey, JE1 4BP IFC 1 The Esplanade Aberdeen Standard Capital St Helier, Jersey, JE1 4BP Offshore Strategy Fund Limited is regulated by Regulated by the Jersey Financial Services Commission. the Jersey Financial Services Commission. Compliance Officer and Money Laundering Compliance Manager, Secretary and Registrar Officer Aberdeen Standard Capital (CI) Limited Rachael Chinery (appointed 31 March 2021) 1st Floor, Sir Walter Raleigh House, Philip Gartside (resigned 31 March 2021) 48-50 Esplanade, St Helier, Jersey, Money Laundering Reporting Officer JE2 3QB Rachael Chinery (appointed 31 March 2021) Ann-Marie Pereira (resigned 31 March 2021) Investment Helpline Jersey (01534) 709130 Investment Manager Aberdeen Standard Capital Limited Fax Jersey (01534) 849304 1 George Street Registered in Jersey No. 5769 Edinburgh, EH2 2LL Regulated by the Jersey Financial Services Commission. Registered in Scotland No. SC317950 Registered office as address above. Investor contact details Authorised and regulated by the Financial Conduct Authority. Aberdeen Standard Capital (CI) Limited BNP Paribas Securities Services S.C.A., Principal Bankers to the Company Jersey Branch BNP Paribas Securities Services S.C.A., IFC 1 Jersey Branch The Esplanade IFC 1 St Helier, Jersey, JE1 4BP The Esplanade St Helier, Jersey, JE1 4BP Administrator Regulated by the Jersey Financial Services Commission. The Manager has also appointed the Administrator as Secretary and Registrar