Interim Results

ATHELNEY TRUST PLC
1 September 1999


ATHELNEY TRUST PLC: INTERIM STATEMENT 
FOR THE SIX MONTHS ENDED 30TH JUNE 1999

Athelney Trust PLC, the AIM-quoted investment company which 
specialises in smaller companies and junior markets, announces 
its unaudited results for the six months ended June 30 1999.

* Net Asset Value (NAV) up 26.2% at 96.1p a share 
* Gross revenue up 2% at £20,513
* Return per ordinary share more than doubled from 8.4p to 19.9p
* Dividend to be decided at year end
* NAV nearly doubled since company's formation

Athelney Chairman Hugo Deschampneufs said:  'The pleasing news 
to report is that NAV is 26.2 per cent higher than at 
December 31 1998 and, having reversed the setback which 
occurred in the second half of 1998, is 1.2 per cent above 
the level reached 12 months ago.

'It would be even more satisfactory to report that the major 
institutions had returned to the market to buy good quality 
small company shares but, alas, with the notable exceptions 
of a few, this is not the case.  There is an unprecedented 
amount of corporate activity with a plethora of bids, mergers, 
buy-ins and buy-outs due to the fact, which is obvious to 
anyone except a blue-chip fund manager, that small company 
shares are undervalued compared to their larger brethren.  
My only worry is that some of these deals substantially 
undervalue the target companies.

'The strategy of seeking undervalued small companies has 
resulted in a near doubling of NAV since Athelney's formation'.


For further information:
Robin Boyle, Managing Director
Athelney Trust                            01208 72700

Paul Quade
Paternoster Partnership                   0171 336 7776


Chairman's Statement

I have pleasure in enclosing the Interim Report for the 
six months ended 30th June 1999. The salient points are 
as follows: -

* Net Asset Value (NAV) has increased by a handsome 26.2% 
  to 96.1p from 76.1p as at 31st December 1998.
* Gross revenue has risen by 2% to £20,513.
* The return per ordinary share was 19.9p (8.4p).

As usual, consideration of a dividend for 1999 will be left 
until the final results are available to the Board.

The pleasing news to report is that NAV is 26.2% higher than 
31st December 1998 and, having reversed the setback which 
occurred in the second half of 1998, 1.2% above the level 
reached twelve months ago. Our chosen benchmark, the FTSE 
Fledgling Index, has risen by 28.3% during the period under 
review. It would be even more satisfactory to report that 
the major institutions had returned to the market to buy 
good quality small company shares but, alas, with the notable 
exceptions of a few, this is not the case. Smaller institutions 
and active private investors, however, are taking advantage 
of the much healthier market conditions which now exist 
compared with only six months ago. Not only is profitability 
increasing as the economy gradually recovers, there is an 
unprecedented amount of corporate activity with a plethora 
of bids, mergers, buy-ins and buy-outs due to the fact, which 
is obvious to anyone except a blue-chip fund manager, that 
small company shares are undervalued compared with their larger 
brethren. My only worry is that some of these deals 
substantially undervalue the target companies - this is a 
subject to which I may return in six months time.

During the period under review new purchases were made of 
Wolstenholme Rink, Christie Group, Landround and Stat-Plus 
Group whereas holdings in Country Gardens, Cradley Group, 
Crown Eyeglass, Dinkie Heel, Gall Thomson, LIBERfabrica, 
Partridge Fine Arts, Sentry Farming, SFI and WSP were 
either reduced or sold outright. The existing investment 
in NHP was increased. Century Inns has metamorphosed into 
Entreprise Inns following the successful takeover.

The strategy of seeking out undervalued small companies has 
resulted in a near-doubling of NAV since Athelney's formation. 
The Board believes that this strategy should remain unaltered.

Finally, your Directors, together with Athelney's nominated 
adviser Noble & Co are continuing to review the wide gap 
between the current share price and the NAV and ways of 
narrowing this discount.


Hugo Deschampsneufs
Chairman
1st September 1999


ATHELNEY TRUST PLC

INTERIM BALANCE SHEET AS AT 30TH JUNE 1999

                     Unaudited     Unaudited         Audited
                       30/6/99       30/6/98        31/12/98
                             £             £               £
Fixed assets
Investments          1,689,261     1,665,686       1,373,397
                     ---------     ---------       ---------
Current assets

Debtors                  5,575         9,664           3,699

Cash at bank and 
in hand                 43,069        51,626          25,619
                        ------        ------          ------
                        48,644        61,290          29,318

Creditors: amounts 
falling due within 
one year               (6,240)       (15,866)        (30,414)
                       -------       --------        --------
Net current assets     42,404         45,424          (1,096)
                        ------        ------          -------
Net assets          £1,731,665    £1,711,110       £1,372,301
                    ==========    ==========       ==========

Capital and reserves

Called up share
capital               450,700        450,700        450,700
Share premium account 405,605        405,605        405,605
Other reserves 
- non distributable
  Capital reserve 
      - realised      52,727          40,877         19,759
  Capital reserve 
      - unrealised   810,120         792,652        489,721
Revenue reserve       12,513          21,276          6,516
                     -------         -------        -------

Shareholders' 
funds             £1,731,665      £1,711,110     £1,372,301
                  ==========      ==========     ==========

Net assets 
per share               96.1p           94.9p          76.1p
                        -----           -----          -----


ATHELNEY TRUST PLC

INTERIM STATEMENT OF TOTAL RETURN 
(INCORPORATING THE REVENUE ACCOUNT)
FOR THE SIX MONTHS ENDED 30TH JUNE 1999

                          Unaudited          Unaudited         Audited
                6 months to 30/6/99   6 months to 30/6/98     31/12/98
            Revenue Capital    Total Revenue   Capital  Total    Total
                  £       £        £       £        £      £        £

Gains/(losses) 
on investment     - 361,321 361,321       -   154,126 154,126 (169,729)
Income       20,513       -  20,513  20,140         -  20,140   49,291

Investment 
management
cost        (2,804) (2,804)  (5,608) (2,870)  (2,871)  (5,741) (11,430)
Other 
expenses   (13,896)       -  (13,896)(14,666)       -  (14,666) (26,970)
          --------   -----  -------- -------  ------   ------- --------
Return/(loss) 
on ordinary 
activities 
before 
taxation      3,813 358,517  362,330   2,604   151,255  153,859 (158,838)

Taxation      2,184  (5,150)   (2,966)   (175)   (1,702)  (1,877)  (7,257)
             -----  -------  --------  ------ --------  -------- --------
Return/(loss) 
on ordinary 
activities 
after 
taxation      5,997 353,367   359,364   2,429  149,553   151,982 (166,095)

Dividend          -       -         -       -        -         -  (20,732)
             ----- -------   -------   -----  -------   -------  --------
Transfer 
to/(from) reserves 

             £       £         £       £        £         £         £
         5,997 353,367   359,364   2,429  149,553   151,982  (186,827)
         ===== =======   =======   =====  =======   =======   ========

Return/
(loss) 
per Ordinary
Share      0.3p 19.6p    19.9p    0.1p     8.3p      8.4p     (9.2p)



NOTES

1. The financial information contained in this report is 
unaudited and does not constitute statutory accounts within 
the meaning of Section 240 of the Companies Act 1985 (as amended). 
The results for the year ended December 31 1998 were reported 
on by the auditors and received an unqualified report and 
contained no statement under Section 237 (2) or (3) of the 
Companies Act 1985 (as amended) and a copy of this has been 
filed with the Registrar of Companies.

2. The unaudited results have been prepared on the basis of 
the accounting policies adopted in the audited accounts for 
the year ended December 31 1998.

3. The calculation of the return/(loss) per Ordinary Share is 
based on the number of shares in issue during the period of 
1,802,802 (1998: 1,802,802).

4. The potential risks to the company resulting from the 
Year 2000 issue have been addressed and steps taken to 
ensure that all data and systems in use by the company are 
Year 2000 compliant. There is not considered to be a material 
risk with potential Year 2000 issues for parties on which the 
company is reliant.

5. Copies of the interim statement for the six months to 
June 30 1999 will be posted to shareholders on September 1 1999 
and will be available free of charge from the company's nominated 
adviser, Noble & Co, 4th Floor, Royex House, Aldermanbury Square, 
London EC2V 7HR for a period of 14 days from the date thereof.