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VKDUHDQGWKHUGFRQVHFXWLYHDQQXDOGLYLGHQGLQFUHDVH
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DSUHPLXPGXULQJWKH\HDUDQGKDVLVVXHGVKDUHVLQ
&RPSDQ\LVWUDGLQJRQD\LHOGRIDPRQJWKHKLJKHVW
RUGHUWRPHHWWKHH[FHVVGHPDQG
LQWKH$,&8.(TXLW\,QFRPHVHFWRU,QVHWWLQJWKHOHYHORI
· A material increase in the proportion of the Company’s WKHIRXUWKLQWHULPGLYLGHQGWKH%RDUGEDODQFHGWKHGHVLUH
VKDUHVKHOGE\H[HFXWLRQRQO\SODWIRUPVVXFKDV WRHQVXUHWKDWWKHGLYLGHQGFRQWLQXHVWRJURZDQGWKDW
LQWHUDFWLYHLQYHVWRUDQG+DUJUHDYHV/DQVGRZQZKR UHYHQXHUHVHUYHVZHUHUHSOHQLVKHG
W\SLFDOO\DFWRQEHKDOIRISULYDWHVKDUHKROGHUV,QWKH
$IWHUSD\PHQWRIWKHIRXUWKLQWHULPGLYLGHQGDQGEDVHG
\HDUXQGHUUHYLHZWKHWHQODUJHVWEX\HUVRIWKH
RQFXUUHQWVKDUHVLQLVVXHSHQFHSHUVKDUHZLOOEH
Company’s shares were all platforms and WKRVHWHQ
WUDQVIHUUHGWRUHYHQXHUHVHUYHVZKLFKZLOOEHLQFUHDVHGWR
ODUJHEX\HUVQRZFROOHFWLYHO\RZQRYHURIWKH
SHQFHSHUVKDUH
Company’s shares on behalf of their various customers.
This reaffirms the Board’s view that there remains 7KH%RDUGLVFRPPLWWHGWRPDLQWDLQLQJDQGH[WHQGLQJLWV
GHPDQGIRULQFRPHPDQGDWHVIURPSULYDWHLQYHVWRUV WUDFNUHFRUGRIGLYLGHQGJURZWK:HWKHUHIRUHH[SHFW
WKDWLQWKHDEVHQFHRIDQ\DGYHUVHFLUFXPVWDQFHVLQWKH
Please see page 18 for the Company’s performance FRPLQJILQDQFLDO\HDUZHZLOOH[WHQGRXUWUDFNUHFRUGWR
DJDLQVWLWV.H\3HUIRUPDQFH,QGLFDWRUV FRQVHFXWLYH\HDUVRIGLYLGHQGJURZWKE\SD\LQJD
GLYLGHQGRIDWOHDVWSHQFHSHUVKDUH:HEHOLHYHWKDW
### (DUQLQJV ZHDUHLQDSRVLWLRQWRGRWKLVEHFDXVHZHDUHFRQILGHQW
Gross income generated by the Company’s investments WKDWWKHSRUWIROLRVKRXOGGHOLYHUQHWHDUQLQJVWKDWZLOOFRYHU
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PLOOLRQePLOOLRQ7KHFRVWVRIPDQDJLQJWKH WKDWWKHILUVWWKUHHLQWHULPGLYLGHQGVZLOOEHSHQFHSHU
SRUWIROLRLQFOXGLQJDGPLQLVWUDWLRQFRVWVZHUHGRZQ VKDUHSD\DEOHLQ0DUFK-XQHDQG6HSWHPEHUDQGWKH
ODUJHO\GULYHQE\PDQDJHPHQWIHHVEHLQJGRZQDOPRVW IRXUWKLQWHULPZLOOEHDWOHDVWSHQFHSHUVKDUHSD\DEOH
$WWKHVDPHWLPHLQWHUHVWFRVWVDWWULEXWDEOHWRWKH LQ-DQXDU\2QFHDJDLQZHKDYHWDVNHGWKH3RUWIROLR
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UHIOHFWLQJWKHLQFUHDVHLQWKHFRVWRIGHEWDVLQWHUHVWUDWHV WRFRYHUWKLVOHYHORIGLVWULEXWLRQ
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ePLOOLRQGRZQIURPePLOOLRQODVW\HDU
 DEUGQ(TXLW\,QFRPH7UXVWSOF
## Chair’s Statement
7KURXJKLWVEX\EDFNDQGLVVXDQFHDSSURDFKWKH%RDUG
### 5HVXOWV
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2QDPRUHGLVDSSRLQWLQJQRWHWKH1$9WRWDOUHWXUQRIWKH
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### /RDQUHILQDQFLQJ
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performance can be found in the Portfolio Manager’s
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-XQH(“the Facility”)ePLOOLRQZDVGUDZQGRZQDW
RIRXUSRUWIROLR:KLOVW8.HTXLW\PDUNHWVUHPDLQ
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any time, subject to the Lender’s credit approval. The
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SRUWIROLR7KH%RDUGFRQWLQXHVWREHOLHYHLQWKHORQJWHUP
The Board was pleased to note the market’s SRVLWLYH
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announced the Company’s share price was trading on a
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Company’s share price has EHHQPDLQWDLQHG \HDUZDVLQWURGXFHGLQDQGGXULQJWKH\HDUWKH
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## Chair’s Statement &RQWLQXHG
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### Annual General Meeting (“AGM”)
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This year’s Annual General Meeting (“AGM”) will be held at
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## Portfolio Manager’s Review
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that will simultaneously enhance the portfolio’s income
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prospects and diversify the portfolio’s income generation
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costs. The stock’s very low valuation DURXQG[ERRN
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our confidence in management’s ability to achieve the
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## Portfolio Manager’s Review &RQWLQXHG
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The Company’s objective is to provide shareholders with meetings are used to ascertain the company’s own views
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The consequence of this is that the Company’s portfolio
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Company’s shares are published monthly in the
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Company’s factsheet and they can be found in the pre
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Company’s website.
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the Company’s
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demand for the Company’s from the Company’s broker and updates from the Manager’s investor relations team
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### Disclosures (“TCFD”)
The Company’s objective is to deliver above average 8QGHU/LVWLQJ5XOH5WKH&RPSDQ\DVDFORVHG
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Company in accordance with the FCA’s rules and
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delivery of stewardship on the Company’s behalf. 
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by the investee companies within the Company’s portfolio.
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impact on the Company’s prospects and viability in the
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Taking into account all of these factors, the Company’s
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In assessing the Company’s future viability, the Board has
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· The performance of the Company’s share price relative
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· The Company’s main liability is its bank loan of £2 &KDLU
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The Board is required to describe to the Company’s
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(the “Section 172 Statement”). This statement provides an
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Company’s affairs, as well as visibility and openness in how 
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The Board’s main stakeholders have been identified as its
Company’s operations on the environment.
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interests of the Company’s shareholders. The Board WKHFRPPXQLW\DWODUJHDQGWKHHQYLURQPHQW
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A summary of the Board’s approach to engagement with
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relating to the Company’s investment objective and
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and for monitoring the performance of the Company’s 
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them. The Board welcomes all shareholders’ views and aims to act fairly to all shareholders. The Manager
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and the Company’s broker regularly meet with current and prospective shareholders to discuss
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The Company subscribes to abrdn’s investor relations programme in order to maintain communication
channels with the Company’s shareholder base.
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Company’s website. 
The Company’s Annual General Meeting provides a forum, both formal and informal, for shareholders to
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as possible to attend the Company’s Annual General Meeting and to provide feedback on the Company.
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The Portfolio Manager’s Review on pages
,QYHVWPHQW0DQDJHU WKH\HDUThe Company has appointed AFML as the Company’s Manager, or AIFM, which subGHOHJDWHV
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The Manager has continued to manage the Company’s assets in accordance with the mandate
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The Board regularly reviews the Company’s performance against its investment objective and the Board
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effective oversight of the Manager and the Company’s strategy.
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6HUYLFH3URYLGHUV The Board seeks to maintain constructive relationships with the Company’s suppliers either directly or
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performance, terms and conditions of the Company’s main service providers to ensure they are
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proposed by the investee companies within the Company’s portfolio. The Manager reports on a
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Scotland International Limited, London Branch, the provider of the Company’s loan facility, and provides
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an important factor in delivering the Company’s stated
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As set out in the Chair’s Statement, the Board has
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negotiated the Company’s Management Fee, on behalf of
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the Company’s shareholders. With effect from 1 October
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2023, the Company’s management fee is charged at
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access to a £30 million revolving credit facility (“RCF”), £21 Board refreshment. As reported in the Chair’s Statement,
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has a strong track record of acquiring “closed books” – DEHDWHYHQGXULQJWKH&RYLGSDQGHPLF7KLVUHIOHFWV
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returns it achieves, which tend to be in excess of the “risk
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free returns” that are assumed in their actuarial models.
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Chesnara’s existing UK business, Countrywide Assured,
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towards Chesnara’s business in the short term, we believe
that a period of risk aversion can play to Chesnara’s
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than six months’ notice. In the event of termination by the
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## Directors’ Report &RUSRUDWH
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the Company’s assets) and the share registration services.
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| Directors’ Report &RQWLQXHG |  |  |  |
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The Company’s Articles of Association provide for each of 7KHILQDQFLDOULVNPDQDJHPHQWREMHFWLYHVDQGSROLFLHV
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Company’s shareholders for good governance and this
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are available on the Company’s website, or upon request
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| Directors’ Remuneration Report &RQWLQXHG $ & ' |  |  |  |
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Annual Percentage Change in Directors’ Remuneration
The following table sets out the annual percentage change in Directors’ fees for the past IRXU\HDUVIURP2FWREHU
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There have been no changes to the Directors’ interests in
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The Committee’s main functions are listed below:  SRVVLEOHLPSURSULHWLHVLQPDWWHUVRIILQDQFLDOUHSRUWLQJRU
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## Audit Committee’s Report
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the Company’s transactions and disclose with reasonable
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## Statement of Directors’ Responsibilities
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We have audited the financial statements of abrdn Equity Income Trust plc (“the Company”) for the year ended 30
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## Independent Auditor’s Report to the 0HPEHUVRIDEUGQ
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£1,000 to Director’s remuneration, for which we believe misstatements of lesser amounts than materiality for the
Financial Statements as a whole could be reasonably expected to influence the Company’s members’ assessment of
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The scope of the audit work performed was fully substantive as we did not rely upon the Company’s internal control over
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Company or to cease its operations, and as they have concluded that the Company’s financial position means that this is
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ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going
concern period”). 
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risks to its business model and analysed how those risks might affect the Company’s financial resources or ability to
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Company’s available financial resources and its ability to operate over this period were:
· The impact of a significant reduction in the valuation of investments and the implications for the Company’s 
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## Independent Auditor’s Report to the Members of abrdn
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· we consider that the Directors’ use of the going concern basis of accounting in the preparation of the financial
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significant doubt over the Company’s use of that basis for the going concern period, and we found the going concern
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To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could
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Directors’ Remuneration Report
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· the Directors’ statement that they consider that the annual report and financial statements taken as a whole is fair,
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· certain disclosures of directors’ remuneration specified by law are not made; or 
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fraud or error; assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related
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Auditor’s Responsibilities
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material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable
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A fuller description of our responsibilities is provided on the FRC’s website atZZZIUFRUJXNDXGLWRUVUHVSRQVLELOLWLHV
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This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the
&RPSDQLHV$FW2XUaudit work has been undertaken so that we might state to the Company’s members those
matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members, as
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Companies and Venture Capital Trusts’ issued in July 2022. They have also been prepared on the assumption that
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Overview

Strategic Report

Portfolio

Governance

Financial Statements

Corporate Information

General

## 6. Taxation

|   | 2023 |   |   | 2022  |   |   |
| --- | --- | --- | --- | --- | --- | --- |
|   |  Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000  |
|  **(a) Analysis of charge for the year**  |   |   |   |   |   |   |
|  Overseas withholding tax | 278 | - | 278 | 325 | - | 325  |

**(b) Factors affecting total tax charge for the year.** The corporation tax rate was 22% (2022 - 19%). The total tax assessed for the year is lower (2022 - higher) than that resulting from applying the standard rate of corporation tax in the UK.

A reconciliation of the Company's total tax charge is set out below:

|   | 2023 |   |   | 2022  |   |   |
| --- | --- | --- | --- | --- | --- | --- |
|   |  Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000  |
|  Return before taxation | 11,387 | (8,084) | 3,303 | 12,569 | (25,409) | (12,840)  |
|  Corporation tax at a rate of 22% (2022 - 19%) | 2,505 | (1,778) | 727 | 2,388 | (4,828) | (2,440)  |
|  Effects of: |  |  |  |  |  |   |
|  Non-taxable UK dividends | (1,891) | - | (1,891) | (1,770) | - | (1,770)  |
|  Non-taxable overseas dividends | (826) | - | (826) | (744) | - | (744)  |
|  Expenses not deductible for tax purposes | 2 | - | 2 | - | - | -  |
|  Losses on investments not receivable | - | 1,417 | 1,417 | - | 4,613 | 4,613  |
|  Excess management expenses and loan relationship losses | 210 | 361 | 571 | 126 | 215 | 341  |
|  Irrecoverable overseas withholding tax | 278 | - | 278 | 325 | - | 325  |
|  **Total taxation** | **278** | **-** | **278** | **325** | **-** | **325**  |

At 30 September 2023, the Company had unutilised management expenses and loan relationship losses of £34,587,000 (2022 - £31,990,000). No deferred tax asset has been recognised on the unutilised management expenses and loan relationship losses as it is unlikely that the Company will generate suitable taxable profits in the future that these tax losses could be deducted against.

abrdn Equity Income Trust plc

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|  $PRXQWVGXHIURPEURNHUV  1HWGLYLGHQGVDQGLQWHUHVWUHFHLYDEOH  2WKHUGHEWRUV    %DQNORDQ  8QDPRUWLVHGORDQDUUDQJHPHQWH[SHQVHV      2WKHUFUHGLWRUV  $PRXQWVGXHWREURNHUV  ,QYHVWPHQWPDQDJHPHQWIHHSD\DEOH  6XQGU\FUHGLWRUV       7KHIDFLOLW\DJUHHPHQWFRQWDLQVWKHIROORZLQJFRYHQDQWV    –The Company’s gross assets will not be less than £120 million (2022 –ePLOOLRQDWDQ\WLPH  UDWHRI7KLVLVGXHWRPDWXUHRQ'HFHPEHU  |     |                 |                |     |     | RIQHWDVVHWYDOXHDWDQ\WLPH |

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 5LVNPDQDJHPHQW. The Company’s financial instruments comprise securities and other investments, cash balances, loans and
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purpose of managing currency and market risks arising from the Company’s activities.
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The Manager’s policies for managing these risks are summarised below and have
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None of the Company’s financial assets is past due or impaired.
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The Company’s capital management objectives are:
–
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7KH%RDUGPRQLWRUVDQGreviews the broad structure of the Company’s capital on an ongoing basis. This review includes the
nature and planned level of gearing, which takes account of the Manager’s views on the market and the extent to which
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The Company’s objectives, policies and processes for managing FDSLWDODUHXQFKDQJHGIURPWKHSUHFHGLQJDFFRXQWLQJ
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The Company is engaged in a single segment of business, which is to invest in equity securities. All of the Company’s activit
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considered to be related party transactions and are disclosed within the Directors’ Remuneration Report on pages 56 and 57.
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October 2023, the Company’s management fee will be charged at a flat fee of 0.55% per annum of the Company’s net assets.
Prior to 1 October 2023, the Company’s management fee was charged at a rate of 0.65% per annum of net assets up to £175
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Alternative performance measures (‘APM’) are numerical measures of the Company’s current, historical or future performance,
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The team within abrdn managing the Company’s portfolio
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role in supporting Thomas Moore, the Company’s 
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information prior to such investors’ investment in the
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| $PDUNHWLQGH[FDOFXODWHVWKHDYHUDJHSHUIRUPDQFHRILWV | The Company’s Manager is DEUGQ)XQG0DQDJHUV |
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the Company’s PRIIP ‘manufacturer’, to prepare a Key
Information Document (“KID”) in respect of the Company. 5DWLRRIWRWDOH[SHQVHVDVDSHUFHQWDJHRIDYHUDJHGDLO\
7KLV.,'PXVWEHPDGHDYDLODEOHE\WKH0DQDJHUWRUHWDLO Shareholders’ Funds calculated as per the AIC’s industry
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and is available via the Company’s website. The Company
### LVQRWUHVSRQVLEOHIRUWKHLQIRUPDWLRQFRQWDLQHGLQWKH.,' 3RUWIROLR0DQDJHU
DQGLQYHVWRUVVKRXOGQRWHWKDWWKHSURFHGXUHVIRU The Company’s Portfolio Manager is Thomas Moore.
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### (“PIDD”)
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which increases the Company’s exposure, including the
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expressed as a ratio between the Company’s exposure
found on the Company’s website.
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exposure represents the sum of the Company’s positions
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stock market’s view of a company’s prospects and profit
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DEUGQ)XQG0DQDJHUVLimited (“AFML”) and the Company are required to make certain disclosures available to
investors in accordance with the Alternative Investment Fund Managers Directive (“AIFMD”). Those disclosures that are
UHTXLUHGWREHPDGHSUHLQYHVWPHQWDUHLQFOXGHGZLWKLQDSUHinvestment disclosure document (“PIDD”) which can be
found on the Company’s website.
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· none of the Company’s assets are subject to special arrangements arising from their illiquid nature;
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accordance with the Remuneration Code, the AIFM’s remuneration policy is available from the Company Secretary,
abrdn Holdings Limited, on request, and the remuneration disclosures in respect of the AIFM’s reporting period for the
\HDUHQGHG'HFHPEHUare available on the Company’s website.
### /HYHUDJH
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127,&(,6+(5(%<*,9(1WKDWWKHWKLUW\VHFRQGAnnual General Meeting of abrdn Equity Income Trust plc (“the
Company”) will be held at ZDOODFHVSDFH6SLWDOILHOGV$UWLOOHU\/DQH/RQGRQ(+$RQ7XHVGD\)HEUXDU\
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 To receive and adopt the Directors’ Report and financial statements of the Company for the year ended 30
6HSWHPEHU, together with the independent Auditor’s report thereon.
 To receive and approve the Directors’ Remuneration Report for the year ended 30 September 20
 To approve the Company’s dividend policy to pay four interim dividends per annum.
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