Final Results

British Empire Sec & Gen Tst PLC
15 November 2005


BRITISH EMPIRE SECURITIES AND GENERAL TRUST plc

Preliminary Announcement of Annual Results for the year ended 30 September 2005

Performance comparisons 30 September 2004 - 30 September 2005 (Capital Return)

•  Net asset value ('NAV') on a total return basis increases by 44%


•  NAV outperforms MSCI World Index by 24 percentage points


•  Shares are at a premium of 4% to NAV at the year end




Chairman's Statement

The past year has been rewarding for your Company with strong performance in
both absolute and relative terms.  The Company's Net Asset Value (NAV) per share
increased by 44.4% on a total return basis compared to a rise in the Datastream
Global Growth Investment Trust Index (our benchmark) of 30.6%.  The MSCI World
Index rose 18.7%, while the FTSE All-Share rose 24.9%.

Over three years the NAV total return for your shares has grown by 126.3%
compared to 68.5% for our benchmark and we remain 1st out of 33 Global Growth
Trusts over three and five years.

The markets were surprisingly strong during the year as relatively easy monetary
policy in developed economies provided a positive environment for equities. 
Strong stock selection and a general narrowing of discounts in value stocks
allowed your Company to outperform its benchmark.  While narrowing discounts are
good for our past performance, the corollary is that expectations for future
performance should be reduced.  As always, our Manager has been seeking new
areas of opportunity to exploit and further elaboration is made in the
Investment Manager's Review.  Despite these efforts, sales of investments have
been high throughout the year and liquidity levels have risen as a result.
Following three strong years of performance, we are comfortable taking some
profits and waiting for attractive new investment ideas to emerge.

Your Company has always sought to make positive absolute returns in a risk-
controlled manner.  Our 'look-through' underlying portfolio is well diversified
by geography, by sector, and by company.  In addition, investments are
preferably made in companies that stand at a discount to NAV and not highly
geared. Thus although our shares stand at a premium to NAV we believe that our
share price  remains at a discount to the net asset value of the underlying
assets in our portfolio..

The return attributable to our equity holders on the revenue account has
increased over the year due to changes in the portfolio and the decision
implemented last year on the proportion of management fees charged to income. 
There is no current intention to revise the allocation of management fees
between income and capital further and, as a consequence, the Board is
recommending an increase in the final dividend from 1.3p to 1.6p per share, an
increase of just over 29% in the total dividend for the year.  From this new
base we would expect to return to a more normal progressive dividend policy in
future years.  In addition, the Board is pleased to recommend a special dividend
this year of a further 1.4p per share to reflect the higher levels of income
generated on the increased liquidity which we have held during the year.

Your Board has sought to maintain its focus on the investment performance of the
Company while seeking to ensure that Shareholders' assets are appropriately
safeguarded in a strong control environment.  The Board has had no hesitation in
renewing the Company's Management Agreement with Asset Value  Investors Ltd.
('AVI') in view of the investment performance and well controlled day to day
operations of the Company.

Our next set of Accounts will have to be prepared in accordance with
International Financial Reporting Standards (IFRS).  In addition to requiring us
to report dividends in the period in which they are approved rather than in the
period to which they relate, we shall be required to move to bid rather than
mid-market prices in valuing our investments which, as at 30 September 2005,
would have led to a reduction in NAV of an estimated 1.8p per share.

John Pennink at AVI has delivered another excellent year and I am sure all
Shareholders will join the Board in congratulating him.  As a result of this
out-performance over a number of years, our shares now trade on a premium. While
this is gratifying as a reflection of the good work done by our Manager, we feel
obliged to caution that there is no guarantee the rating can be maintained.  As
always, short-term returns may fluctuate whilst we aim to achieve positive long
term performance.

During the year, the Board carried out an evaluation of its Directors, Chairman,
the Board as a whole and Committees. In accordance with the Company's Articles
of Association the Directors retiring this year by rotation are Peter Allen and
Rosamund Blomfield-Smith, both of whom bring a wealth of experience to the Board
and I have no hesitation in recommending their re-election.  In addition, having
served as a Director for more than nine years, I am also standing for re-
election.  The Board does not believe that length of service itself should
disqualify a Director and in proposing my re-election the Board has taken into
account the requirements of the revised Combined Code, including the need to
refresh the Board and its Committees periodically.

Iain Samuel Robertson CBE
Chairman
15 November 2005


Statement of Total Return of the Group for the year ended 30 September 2005

                                                  2005        2005        2005       2004       2004        2004
                                               Revenue     Capital       Total    Revenue    Capital       Total
                                                 £'000       £'000       £'000      £'000      £'000       £'000
                                            un-audited  un-audited  un-audited    audited    audited     audited

Gains on investments                                 -     188,051     188,051                86,347      86,347
                                                                                      -
Realised exchange losses                             -       (610)       (610)                 (630)       (630)
                                                                                      -
Gains on forward sales of Euro                       -       1,221       1,221          -          -           -
Realised loss on buyback 10 3/8% Deb Stk             -           -           -          -                  (792)
2011                                                                                         (792)
Losses on Index Stock                                -     (1,373)     (1,373)          -      (767)       (767)
Income                                          13,110           -      13,110      9,168          -       9,168
Investment management fee (incl.               (1,404)     (3,265)     (4,669)    (1,146)                (3,813)
irrecoverable VAT)                                                                         (2,667)
Other expenses (incl. irrecoverable VAT)       (1,147)           -     (1,147)    (1,107)          -     (1,107)

Net return before finance costs and             10,559     184,024     194,583      6,915     81,491      88,406
taxation

Finance costs                                  (2,361)         (7)     (2,368)    (2,682)      (7)       (2,689)

Return on ordinary activities before             8,198     184,017     192,215      4,233     81,484      85,717
taxation

Taxation on ordinary activities                (1,584)         922       (662)      (582)        361       (221)

Return attributable to equity Shareholders       6,614     184,939     191,553      3,651     81,845      85,496

Dividends in respect of equity shares          (5,763)           -     (5,763)    (2,721)          -     (2,721)

Transfer to reserves                               851     184,939     185,790        930     81,845      82,775

Return per Ordinary Share
Basic                                            4.13p     115.53p     119.66p      2.28p     51.13p      53.41p

The revenue column of this statement represents the revenue account of the Group.

No operations were acquired or discontinued during the year.



Balance Sheets as at 30 September 2005

                                                                            Company                 Group
                                                                    2005        2004        2005         2004
                                                                   £'000       £'000       £'000        £'000
                                                              un-audited     audited  un-audited      audited

Fixed assets
Investments - Securities                                         654,490     463,576     652,456      461,541
Current assets
Investments held by dealing subsidiary                                 -           -           5            5
Debtors                                                            5,319       4,646       5,319        4,651
Cash at bank and on deposit                                        2,404          56       2,410           58
                                                                   7,723       4,702       7,734        4,714

Creditors: amounts falling due within one year                  (13,811)     (6,843)    (11,788)      (4,820)

Net current liabilities                                          (6,088)     (2,141)     (4,054)        (106)

Total assets less current liabilities                            648,402     461,435     648,402      461,435

Creditors: amounts falling due after more than one year         (31,366)    (30,334)    (31,366)     (30,334)

Provision for liabilities and charges                              (145)           -       (145)            -

Net assets                                                       616,891     431,101     616,891      431,101

Capital and reserve
Called-up share capital
Ordinary shares                                                   16,008      16,008      16,008       16,008

Reserves
Capital redemption reserve                                         2,927       2,927       2,927        2,927
Share premium account                                             28,078      28,078      28,078       28,078
Capital reserve - realised                                       351,854                 351,854      246,363
                                                                             246,363
                      - unrealised                               167,154      87,707     165,370       85,922
Merger reserve                                                    41,406      41,406      41,406       41,406
Revenue reserve                                                    9,464       8,612      11,248       10,397

Equity Shareholders' funds                                       616,891     431,101     616,891      431,101

Net asset value per Share                                        385.36p     269.30p     385.36p      269.30p




Consolidated Statement of Cash Flows for the year ended 30 September
2005
                                                                 2005         2005         2004          2004
                                                                £'000        £'000        £'000         £'000
                                                           un-audited   un-audited      audited       audited

Net cash inflow from operating activities                                    6,339                      4,548

Servicing of finance
Interest paid                                                 (2,357)                   (2,774)

Net cash outflow from servicing of finance                                 (2,357)                    (2,774)

Taxation
UK tax paid less recovered                                          -                       122
Withholding tax recovered                                         119                       246

Tax recovered                                                                  119                        368

Capital expenditure and financial investment
Purchase of investments                                     (420,652)                 (276,103)
Sale of investments                                           421,682                   280,449
Forward currency profits                                        1,221                         -

Net cash inflow from investing activities                                    2,251                      4,346

Equity dividends paid                                                      (3,042)                    (2,481)

Net cash inflow before financing                                             3,310                      4,007

Financing
Buyback of Index Stock                                          (348)                     (318)
Buyback of 10 3/8% Debenture Stock 2011                             -                   (4,160)

Net cash outflow from financing                                              (348)                    (4,478)

Increase / (decrease) in cash                                                2,962                      (471)

Reconciliation of net cash flow to movements in net debt
Increase / (decrease in cash as above                                        2,962                      (471)
Buyback of Index Stock                                                         348                        318
Buyback of 10 3/8% Debenture Stock 2011                                          -                      4,160

Changes in net debt resulting from cash flows                                3,310                      4,007
Currency losses                                                              (610)                      (630)
Amortisation of Debenture issue expenses                                       (7)                        (7)
Increase in value of Index Stock                                           (1,373)                      (767)
Increase in value of 10 3/8% Debenture Stock 2011                                -                      (792)

Movement in net debt in year                                                 1,320                      1,811
Net debt at 1 October                                                     (30,276)                   (32,087)
Net debt at 30 September                                                  (28,956)                   (30,276)



Notes:

1.  The Board proposes a final dividend of 1.60p per Ordinary share and a
Special dividend of 1.40p per Ordinary share which, if approved, will be paid on
6 January 2006 to Shareholders on the Register as at 9 December 2005.

2.  Basic revenue return per Ordinary Share is based on Group revenue after
taxation of £6,614,000 (2004: £3,651,000) and on 160,080,089 (2004: 160,080,089)
Ordinary Shares, being the weighted average number of Ordinary Shares in issue
during the year.

3.  Basic capital return per Ordinary Share is based on net gains for the
financial year of £184,939,000 (2004: £81,845,000) and on 160,080,089 (2004:
160,080,089) Ordinary Shares, being the weighted average number of Ordinary
Shares in issue during the year.

4.  Basic net asset value per Ordinary Share is based on net assets and on
160,080,089 (2004: 160,080,089) Ordinary Shares being the number of Ordinary
Shares in issue at the year end.

At the year end the net asset value per share adjusted to include the Debenture
Stocks at market value rather than par was 380.63p (2004: 265.71p).

5.  The financial information set out in the announcement does not constitute
the Company's statutory accounts for the years ended 30 September 2005 or 2004. 
The financial information for the year ended 30 September 2004 is derived from
the statutory accounts for that year which have been delivered to the Registrar
of Companies. The auditors reported on those accounts; their report was
unqualified and did not contain a statement under s237 (2) or (3) of the
Companies Act 1985.  The statutory accounts for the year ended 30 September 2005
will be finalised on the basis of the financial information presented by the
Directors in the preliminary announcement, will be audited and delivered to the
Registrar of Companies in due course.  The preliminary announcement is prepared
on the same basis as set out in the previous year's annual accounts.

6.  Copies of the Annual Report will be posted to shareholders in due course and
further copies may be obtained from the Registered Office, Bennet House, 54 St
James's Street, London SW1A 1JT.  The Annual General Meeting will be held at 12
noon on Thursday 15 December 2005.

Phoenix Administration Services Limited

Company Secretary

15 November 2005


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