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  • Notes to the financial statements for the year ended 30 September 2014

1.

Principal activities

Aberdeen Select Portfolio (“the Trust”) is an open‑ended umbrella fund constituted pursuant to the Trust Deed dated 2 July 1997, as amended by Supplemental Deeds and Amendment Deeds between Aberdeen Asset Management Asia Limited (“the Managers”) and BNP Paribas Trustee Services Singapore Limited (“the Trustee”). The Trust Deed and subsequent Supplemental Deeds and Amendment Deeds are governed by and construed in accordance with the laws of the Republic of Singapore.

The Trust offers a series of sub‑funds which invest directly into securities and/or invest in other underlying funds. The sub‑funds are:

Sub‑fund Aberdeen Indonesia Equity Fund Aberdeen Malaysian Equity Fund Aberdeen Pacific Equity Fund* Aberdeen Singapore Equity Fund Aberdeen Thailand Equity Fund Aberdeen Global Technology Fund Aberdeen Japan Equity Fund

Aberdeen European Opportunities Fund

Aberdeen American Opportunities Fund

Aberdeen Global Opportunities Fund

Aberdeen China Opportunities Fund

Aberdeen India Opportunities Fund

Aberdeen Global Emerging Markets Fund

Aberdeen Asian Smaller Companies Fund

Underlying Fund as at 30 September 2014 Aberdeen Japan Equity Fund, a class of shares issued by Aberdeen Investment Fund ICVC, established in the United Kingdom Aberdeen Global ‑ European Equity Fund, a sub‑fund of Aberdeen Global SICAV, incorporated in Luxembourg Aberdeen Global ‑ North American Equity Fund, a sub‑fund of Aberdeen Global SICAV, incorporated in Luxembourg Aberdeen Global ‑ World Equity Fund, a sub‑fund of Aberdeen Global SICAV, incorporated in Luxembourg Aberdeen Global ‑ Chinese Equity Fund, a sub‑fund of Aberdeen Global SICAV, incorporated in Luxembourg Aberdeen Global ‑ Indian Equity Fund, a sub‑fund of Aberdeen Global SICAV, incorporated in Luxembourg Aberdeen Global ‑ Emerging Markets Equity Fund, a sub‑fund of Aberdeen Global SICAV, incorporated in Luxembourg Aberdeen Global ‑ Asian Smaller Companies Fund, a sub‑fund of Aberdeen Global SICAV, incorporated in Luxembourg

  • *

    Aberdeen Pacific Equity Fund also invests into other sub‑funds of theTrust, namely Aberdeen China Opportunities Fund,

Aberdeen Indonesia Equity Fund, Aberdeen Malaysian Equity Fund, Aberdeen Singapore Equity Fund, Aberdeen Thailand Equity Fund and Aberdeen Global‑Indian Equity Fund.

Aberdeen Emerging Markets Local Currency Bond Fund and Aberdeen Asian Local Currency Short Duration Bond Fund were terminated on 15 August 2014, hence they are not presented in these financial statements.

Aberdeen Singapore Equity Fund and Aberdeen Malaysian Equity Fund have launched USD Class I on 25 November 2013.

  • 2.

    Summary of significant accounting policies

    • 2.1

      Basis of preparation

The financial statements, expressed in Singapore dollars (“S$”), are prepared on the historical cost basis, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants.

For the purposes of calculation of net asset attributable to unitholder per unit for the issuance and redemption of units, quoted investments are stated at the last transacted price, in accordance with the Code on Collective Investment Schemes (under the Securities and Futures Act (Cap 289)).

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