Final Results

Athelney Trust PLC
20 April 2006



                             ATHELNEY TRUST RAISES
                              DIVIDEND 25 PER CENT


Athelney Trust, the AIM-traded investor in junior markets and small companies,
announces its audited preliminary results for the 12 months ended December 31
2005.


Highlights:

• Net Asset Value ('NAV') up 15.2 per cent to 155.7p per share (2004:
  134.9p per share)

• Recommended dividend for the year 2.5p (2004: 2p)

• Gross revenue up 8 per cent at £86,265 (2004: £79,822)


Chairman Hugo Deschampsneufs said: 'In February 2003, the unaudited Athelney NAV
was 79.4p, so between that date and December 31 2005, the company experienced a
growth in value of fully 96.1 per cent. Not only that, but shareholders will
have benefited from a total increase in dividend of 38.9 per cent.

'We must proceed more cautiously this year despite the market's bright
performance in January and February. Fifteen consecutive interest rate rises in
America, Europe following suit, maverick nations like Iran and North Korea
wanting to flex their muscles and at home, the advent of the first Socialist
Government since the Seventies as and when Gordon Brown moves house.

'None of this is calculated to cheer but at least the housing market has
stabilised, UK interest rates should remain mostly unchanged throughout the year
and inflation seems to be sleeping soundly. On balance, another steady, decent
year for small caps seems likely'.


                                     -ends-


For further information:

Robin Boyle, Managing Director
Athelney Trust plc                       020 7628 7937

Paul Quade                               020 7248 8010
CityRoad Communications                  07947 186694



                              CHAIRMAN'S STATEMENT


I have pleasure in announcing the audited results for the twelve months to 31
December 2005. The salient points are as follows:

   •Audited Net Asset Value ('NAV') is 155.7p per share (31 December 2004:
    134.9p), a rise of 15.2 per cent.
   •Gross Revenue increased by 8.1 per cent to £86,265 (31 December 2004:
    £79,822).
   •On a like-for-like basis revenue was actually up by ? per cent and
    dividend income rose by 14.8 per cent.
   •Revenue return per ordinary share was 2.7p, an increase of 12.5 per cent
    (31 December 2004: 2.4p).
   •Recommended dividend for the year of 2.5p per share (2004: 2p).


The Market

Back in February 2003, the unaudited Athelney NAV was 79.4p, so between that
date and 31 December 2005, the company experienced a growth in value of fully
96.1%. Not only that, but shareholders will have benefited from a total increase
in dividend of 38.9% (2003 1.8p: 2004 2p: 2005 2.5p). And yet, particularly
looking at the year recently finished, there is a long list of problems and
worries that markets apparently coped with pretty well. Take, for instance, UK
pension funds which may have sold £75bn of equities during the year because of
FRS17 and IFRS. Even after that avalanche of selling, 61% of the average UK
pension fund consists of equities. It really is not too hard to imagine that
selling could actually increase in 2006. Overseas companies were undoubtedly
massive buyers of UK equities in 2005, but who is to say how long this buying
spree is to continue?

Surely, relaxed world-wide monetary conditions must have had a good deal to do
with strong equity markets over the past three years. Following fifteen
consecutive rises in interest rates in America and an unmistakable sign that the
Bank of Japan is to tighten up in the coming months from the current position of
an overnight call rate of 0.001 per cent, conditions will be a good deal tighter
this year. Now this is quite important because hedge funds, amongst others, have
been borrowing in Yen to speculate in emerging markets such as the Middle East,
South America and Russia. As interest rates rise in Japan, so hedge funds will
start to unwind speculative positions in these countries.

Here at home, things look quiet, and dare I say it, a little dull. GDP should
rise by 2.1 per cent in 2006 and 2.5 per cent in 2007. Wages will probably go up
by 3.5 per cent this year and consumer prices should rise by no more than 1.9%
(i.e. 0.1% below target) in 2006 and 2007.

No, most of the excitement is happening abroad. America ran an astonishing
record current account deficit of $805m in 2005, China's industrial production
was 16.2% higher than a year ago and Russia's trade surplus rose to $124m. A
basket of commodities rose by nearly 19 per cent in Sterling terms with gold up
by 24 per cent (in Dollars) and oil having another good year at around $60 per
barrel. What is not helping things is the increased interest being shown in
commodities by institutions - since few have specialized knowledge of the
subject, they tend to buy a basket rather than bet on individual metals, so all
commodities rise together. And with China's GDP increasing by 9.9 per cent in
2005 and India's by 7.6 per cent, who is to say when commodity prices will
return to lower levels?


Results

Gross Revenue rose by 8.1 per cent to £86,265 compared with the calendar year
2004. However, special dividends for 2005 amounted to just £2,900 (James Latham
£1,200, Air Partner £1,700) whereas £7,200 was received from Stanley Gibbons in
the previous year. When due allowance is made for this, on a like-for-like
basis, Gross Revenue actually rose by 14.8 per cent, a most satisfactory result
particularly when combined with the 15.4% rise in NAV.

The growth in dividend income is illustrated by the following table:-

                                                       Number

Companies paying dividends                                 72
Companies sold (therefore no true comparison)               5
Companies purchased (therefore no true comparison)         24
Increased total dividend in the calendar year              35
Reduced total dividend in the calendar year                 6
No change in dividend                                       2


Corporate Activity


Cash takeovers were completed in respect of six holdings:

Countryside Properties; Bristol & West Investments; Merrydown; Broadcastle;
James Beattie and Belhaven Group. In relation to the offer by Vantis for
Numerica, shares were taken rather than cash. At the time of writing, a cash bid
for PD Ports has just gone through, Wyevale remains under siege, an MBO is
possible at Tenon Group. Lookers has rejected a bid by Pendragon and Brandon
Hire is to be bought by a larger competitor.


Portfolio Review

The following were purchased for the first time or were existing holdings which
have been increased in size:

Belhaven Group; Blacks Leisure Group; Clinton Cards; Domestic & General;
Goldshield Group; MSB International; Phoenix IT; Treatt; Arbuthnot Banking
Group; Belgravium Technologies; City Lofts; Group NBT; Idox; Jarvis Securities;
Tenon Group; Urbium; Numerica Group.

ICM Computers; Patientline; Rok; Ultimate Leisure and Cardpoint have all been
sold and Camellia again been top-sliced.


Dividend

The Board is pleased to recommend an increased annual dividend of 2.5p for the
year ended 31 December 2006 (2004: 2p). This represents an increase of a full
25% over the previous year.


Update

The unaudited NAV at the 20 February 2006 was 165.9p, which means that, at the
price of 127p on the same day, the share stood at a discount of 23.4 per cent.
It is disappointing to note the discount creeping back over the 20 per cent mark
again.


Outlook

Recent weakness in markets as far apart as Dubai and Reykjavik is the result of
the Bank of Japan's decision to tighten monetary conditions for the first time
in very many years. Is this a straw in the wind? Probably not, but it is a sign
that we must proceed more cautiously this year despite the market's bright
performance in January and February. Fifteen consecutive interest rate rises in
America, Europe following suit, despite problems in Italy and elsewhere,
maverick nations like Iran and North Korea wanting to flex their muscles and at
home, the advent of the first Socialist government since the Seventies, as and
when Mr. Brown moves house. None of this is calculated to cheer but at least the
housing market has stabilized, UK interest rates should remain mostly unchanged
throughout the year and inflation seems to be sleeping soundly. On balance,
another steady, decent year for small caps seems likely.


Hugo Deschampsneufs
Chairman
20 April 2006



                               ATHELNEY TRUST PLC
                           STATEMENT OF TOTAL RETURN
                      (INCORPORATING THE REVENUE ACCOUNT)
                      FOR THE YEAR ENDED 31 DECEMBER 2005


                     Audited Results to                Audited Results to 
                      31 December 2005                  31 December 2004

                Revenue    Capital      Total   Restated *  Capital   Restated *
                                                 Revenue                 Total
                      £          £          £          £          £          £
Profits on
investments           -    460,306    460,306          -    535,518    535,518

Income           86,265          -     86,265     79,822          -     79,822

Investment
management
expenses         (7,266)   (21,362)   (28,628)    (6,810)   (19,789)   (26,599)

Other expenses  (37,753)         -    (37,753)   (38,199)         -    (38,199)
                 ________  _________  _________   ________  _________  _________

Return on
ordinary
activities
before
taxation         41,246    438,944    480,190     34,813    515,729    550,542

Taxation          7,579    (77,234)   (69,655)     8,005    (90,367)   (82,362)
                 ________   ________  _________   ________   ________  _________
Return on
ordinary
activities
after taxation   48,825    361,710    410,535     42,818    425,362    468,180

Dividend        (36,056)         -    (36,056)   (32,450)         -    (32,450)
                 ________   ________  _________   ________   ________  _________
Transfer to
reserves         12,769    361,710    374,479     10,368    425,362    435,730
                 ________   ________  _________   ________   ________  _________

Return per
ordinary
share               2.7p      20.1p      22.8p       2.4p      23.6p      26.0p

Dividend paid
per ordinary
share

- Final
dividend            2.0p                             1.8p



* Restated on adoption of FRS21

The revenue column of this statement is the profit and loss account for the
Company.

All revenue and capital items in the above statement derive from continuing
operations.

No operations were acquired or discontinued during the above financial years.

There have been no recognised gains or losses, other than the results for the
financial years shown above.


                               ATHELNEY TRUST PLC
                                 BALANCE SHEET
                             AS AT 31 DECEMBER 2005

                                                       2005    Restated * 2004
                                                  (audited)          (audited)
                                                          £                  £
Fixed assets
Investments                                       2,985,922          2,555,581
                                                    _________          _________

Current assets
Debtors                                             145,109            116,514
Cash at bank and in hand                             40,048             61,311
                                                    _________          _________

                                                    185,157            177,825

Creditors: amounts falling due within one year      (33,769)           (21,617)
                                                    _________          _________

Net current assets                                  151,388            156,208
                                                    _________          _________
Total assets less current liabilities             3,137,310          2,711,789

Provisions for liabilities and charges             (295,142)          (244,100)
                                                    _________          _________
Net assets                                        2,842,168          2,467,689
                                                    _________          _________

Capital and reserves

Called up share capital                             450,700            450,700
Share premium account                               405,605            405,605
Other reserves - non distributable
Capital reserve - realised                          520,007            389,458
Capital reserve - unrealised                      1,360,604          1,129,445
Revenue reserve                                     105,252             92,481
                                                    _________          _________

Shareholders' funds - all equity                  2,842,168          2,467,689
                                                    _________          _________

Net Asset Value per share                             157.7p             136.9p


* Restated on adoption of FRS21



                               ATHELNEY TRUST PLC
                              CASH FLOW STATEMENT
                      FOR THE YEAR ENDED 31 DECEMBER 2005

                                                  2005                    2004
                                             (audited)               (audited)
                                        £            £          £            £

Net cash inflow from operating

activities                                       3,487                  19,170

Servicing of finance

Dividends paid                    (36,056)                (32,450)
                                 ________                ________
Net cash (outflow) from
servicing of finance                           (36,056)                (32,450)

Taxation

Corporation tax paid                            (2,017)                      -

Investing activities

Purchases of investments         ( 529,075)              ( 575,195)
Sales of investments              542,398                 575,193
                                 ________                ________
Net cash (outflow) from

investing activities                            13,323                      ( 2)
                                                ________                ________

(Decrease) / increase in cash in               (21,263)                (13,282)
the year
                                                ________                ________

Notes:
     
1.   The figures included in the above statement are an abridged version of
     Athelney's audited results for the year ended 31 December 2005 and do not
     constitute statutory accounts within the meaning of Section 240 of the 
     Companies Act 1985, as amended. The figures for the year ended 31 December 
     2004 are extracted from the statutory accounts filed with the Registrar of 
     Companies and which contained an unqualified audit report, but have been 
     restated on adoption of FRS21.
     
2.   The calculation for the return per ordinary share is based on the return on 
     ordinary activities after taxation shown below and on the average weighted 
     number of shares in issue during the period of 1,802,802 (2004: 1,802,802).

                                     2005                                 2004
    Revenue         Capital         Total      Revenue      Capital      Total
        £               £               £          £            £            £
   48,825         361,710         410,535     42,818      425,362      468,180

     
3.   Dividend information:

     Ex dividend date                                              26 April 2006
     Dividend payable to shareholders registered on                28 April 2006
     Dividend payable on                                           26 May 2006

4.   Copies of this announcement are available, free of charge, for a period of 
     one month from Athelney's Nominated Advisor: Noble & Company Limited, 
     76 George Street, Edinburgh, EH2 3BUCopies of the full financial statements 
     will be posted to shareholders on 20 April 2006.


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